Japan’s largest card network JCB has signed a memorandum of understanding with Circle to explore using the USDC stablecoin for cross-border payments and merchant transactions. The agreement focuses initially on internal fund transfers and aims to reduce costs for tourists and merchants.
JCB, which serves 140 million users and 40 million merchants worldwide, announced the partnership on Tuesday. The companies will conduct a proof of concept for JCB’s internal treasury operations and examine ways to support broader payments with USDC, which has a market capitalization of nearly $73 billion.
The move aligns with Japan’s expanding stablecoin efforts. A separate pilot at Lawson convenience stores is set to begin in August using the yen-denominated JPYC stablecoin. Circle has also said it plans to work with Nomura on a USDC-based foreign exchange service for Japanese businesses as early as 2027.
“Stablecoins are gaining attention around the world as a foundation for creating a new ecosystem in cashless societies, given their high level of convenience,” the companies stated. They noted benefits including lower currency exchange burdens for inbound tourists and improved cash flow for merchants.
