Coincheck becomes Japan's second licensed stablecoin handler

Coincheck Clears Japan's Stablecoin Licensing Hurdle

Tokyo-based crypto exchange @coincheckjp has completed registration as an Electronic Payment Instruments Exchange Service Provider, the designation Japan requires before any operator can intermediate fiat-pegged tokens for customers. Coincheck completed its electronic payment instruments registration on August 27, 2026, clearing it to handle stablecoins. The Financial Services Agency's registry identifies Circle's $USDC as the instrument Coincheck will handle, though no public launch date has been announced.

Japan's amended Payment Services Act introduced a framework for what it calls electronic payment instruments, which include fiat-backed stablecoins redeemable at par. Japanese exchanges historically avoided listing USD stablecoins such as USDC and USDT rather than navigate the compliance uncertainty, which blocked legitimate payment use cases and pushed cross-border flows through workarounds. The updated framework resolves that.

SBI VC Trade Was First, Coincheck Is Second

SBI VC Trade, a cryptocurrency exchange subsidiary of Japan's SBI Holdings, was the first Japanese firm to be licensed as an Electronic Payment Instruments Exchange Service Provider. The license is required to handle offshore stablecoins such as Circle's $USDC. SBI VC Trade announced its registration in March 2025, identifying USDC as the first stablecoin it would handle under the new regime. SBI VC Trade currently handles USDC, RLUSD, and the yen-pegged JPYSC stablecoins.

Coincheck's path to this registration stretches back roughly two years. @coincheckjp partnered with @circle in early 2024 to expand $USDC access in Japan. The registration gives Coincheck a legal basis to pursue stablecoin-related services in Japan, and the company says it plans to expand the use of Circle's USDC and gradually roll out on-chain financial services.

With Coincheck, one of the country's largest retail-facing exchanges, now licensed as well, the distribution bottleneck that has kept stablecoins on the sidelines of the Japanese market is starting to loosen. For now, $USDC remains the only foreign stablecoin with a clearly defined regulatory pathway in Japan. Tether's USDT faces a higher bar under the FSA's equivalence standard due to reserve structure and the absence of a licensed Japanese distribution partner.

Sources:
Coincheck Completes Stablecoin Registration, Becoming Japan's Second Firm Cleared for USDC (COINOTAG)
USDC Stablecoin to Launch in Japan After SBI VC Trade Gets a License (Ledger Insights)
Japan's Stablecoin Moment: The New Licensing Regime (Curvegrid)