Circle and Coincheck to Partner on Expanding Access to USDC in Japan

USDC reserves are managed separately from Circle's business operating funds for the benefit of USDC holders, and are deposited with major financial institutions. Coincheck's initiative to incorporate USDC as part of its products and services is subject to obtaining registration of an Electronic Payment Instrument Services under the Payment Services Act. As the leading crypto asset trading service in Japan2, Coincheck aims to leverage its design philosophy as well as its user-friendly UI and UX to foster adoption of USDC in Japan. “Our collaboration with Coincheck is foundational in bringing the stability and reliability of USDC to the Japanese market,” said Jeremy Allaire, CEO and co-founder of Circle. Once an electronic payment instrument service provider is authorized to handle USDC in Japan under the Payment Services Act, USDC will be qualified as an electronic payment instrument.