- Circle and Nomura signed an MOU to launch a USDC-based corporate payment service in Japan by 2027.
- JCB, Japan's largest card network, partners with Circle to test USDC for cross-border payments and in-store transactions.
- Lawson, KDDI, and Hashport will pilot stablecoin payments with JPYC in August 2026.
- Regulatory changes have enabled stablecoin adoption, with USDC already approved and listed on SBI VC Trade.
Japan is rapidly becoming a key testing ground for stablecoin integration into mainstream finance. Circle Internet Financial has cemented its presence in the country through a series of strategic partnerships with major financial institutions, including Nomura Holdings and JCB, the largest card network in Japan. These collaborations aim to bring USDC, the second-largest stablecoin by market capitalization, into corporate payment rails, cross-border settlements, and even retail point-of-sale systems.
At the same time, retail experiments with stablecoins are gaining traction. Convenience store chain Lawson, telecom operator KDDI, and wallet provider Hashport are preparing a pilot that will accept JPYC, a yen-pegged stablecoin, at a Tokyo store starting in August. This wave of activity follows regulatory changes that opened the Japanese market to foreign-issued stablecoins, making it one of the most progressive jurisdictions for digital dollar adoption.
Nomura and Circle: Corporate Payment Infrastructure
On June 26, 2026, Circle and Nomura Holdings signed a memorandum of understanding to develop a USDC-based corporate payment service. Nomura will handle client onboarding, regulatory compliance, and integration with existing banking services, while Circle provides the digital asset infrastructure. The service is slated for deployment as early as 2027 and will enable yen-to-USDC conversion for corporate supply chain operations, allowing import and export businesses to settle cross-border payments in minutes instead of the traditional two to three days.
Japan’s foreign exchange market processes roughly $440 billion daily, and the partnership aims to tap into that flow. Circle has been building its Japan presence since 2023, when it partnered with SBI Holdings to get USDC authorized under local regulations. USDC launched on SBI VC Trade in March 2025, becoming the first approved foreign-issued stablecoin in Japan. The Nomura deal represents a move from exchange availability to actual payment infrastructure, giving Circle access to the corporate banking world.
JCB and Circle: Bringing USDC to 40 Million Merchants
JCB, Japan’s largest card network with 140 million users and 40 million merchants globally, signed an MOU with Circle in July 2026 to explore USDC for cross-border payments and commercial transactions. The collaboration will start with a proof-of-concept focused on JCB’s internal fund transfers, then expand to evaluate how USDC can reduce remittance costs, improve settlement efficiency, and facilitate treasury operations. A key use case is in-store payments for international tourists, who currently rely on bank cards with spending limits that stablecoins could bypass.
According to Nikkei, the initiative aims to reduce the foreign exchange burden for inbound travelers and improve cash flow for merchants. JCB previously tested in-store payments with USDC and JPYC alongside Digital Garage and Resona Holdings, and the new partnership with Circle is expected to accelerate those efforts. The pilot program will initially take place at a Tokyo store frequented by foreign tourists, with the possibility of expanding to more affiliated merchants.
Retail Pilots: Lawson and JPYC
In a parallel development, convenience store chain Lawson will begin a pilot in August 2026 at its Takanawa Gateway City store in Tokyo. The trial will accept JPYC, a yen-denominated stablecoin issued by KDDI, in partnership with wallet provider Hashport. This initiative is separate from Circle’s USDC efforts but highlights the broader momentum for stablecoin adoption in Japan’s retail sector. Lawson’s pilot is expected to test the feasibility of stablecoin payments for everyday purchases, potentially reducing transaction costs and settlement times for merchants.
Regulatory and Market Context
Japan’s regulatory framework has been a catalyst for these developments. In 2023, the country passed a law allowing stablecoins to be issued by licensed entities, and foreign-issued stablecoins like USDC can now be distributed through approved platforms. Circle’s partnership with SBI Holdings was the first to secure approval for USDC distribution, and the subsequent deals with Nomura and JCB build on that foundation. The broader market, however, has seen some headwinds: USDC’s circulating supply fell from nearly $80 billion in March 2026 to around $73 billion, reflecting a temporary decline in crypto trading activity and increased competition from newer stablecoin models. Despite this, the structural demand from Japan’s corporate trade finance could create sustainable buying pressure for USDC once the payment systems go live.
These partnerships signal that stablecoins are moving beyond speculative trading into real-world utility. Japan’s combination of clear regulation, large financial networks, and innovative retail experiments positions it as a global laboratory for stablecoin payments. The outcome of these pilots and the eventual launch of the Nomura service in 2027 will be closely watched by other economies considering similar paths.