On the 27th, domestic cryptocurrency exchange Coincheck announced that it has partnered with Circle, the US company that issues and operates USD Coin (USDC). The aim is to expand access to USD Coin in the Japanese market.
The purpose of this partnership is to list USDC, which has not been listed in Japan until now, on Coincheck.
USD Coin is a stablecoin that can be exchanged 1:1 for dollars. According to Circle's December 2023 USD Coin Reserve Report, the market capitalization is approximately $27 billion (approximately 4 trillion yen), ranking second only to Tether (USDT) in market share.
USD Coin's backing funds are managed separately from Circle's business operating funds to protect holders, and are deposited in major financial institutions. USD Coin has a track record of more than 12 trillion dollars (approximately 1,800 trillion yen) in cumulative on-chain transactions, and is used worldwide as a digital native means of storing value, a unit of value, and a payment innovation.
Since Coincheck began providing cryptocurrency exchange services in 2014, it has had 1.91 million verified accounts. Listing USD Coin on Coincheck could make USD Coin trading in Japan easier and more rapidly accessible.
Jeremy Allaire, CEO of Circle, said in a statement, "Our partnership with Coincheck will be the foundation for building the stability and reliability of USD Coin in the Japanese market. We are very pleased to work with Coincheck to pave the way for a new era of digital finance in Japan."
In addition, Dai Matsumoto, chairman of Coincheck and CEO of Monex Group, Inc., said in a statement, "We are very pleased to introduce USD Coin, the global standard for stable tokens, to Japan and work with Jeremy and the Circle team to further develop Japan's cryptocurrency market and blockchain ecosystem."
Reference:Announcement
Image: Quoted from the announcement
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