JCB and Circle Launch USDC Payment Pilot in Japan

Japanese payments giant JCB has partnered with Circle to test the use of the USDC stablecoin for corporate settlements and retail payments. The pilot program will initially focus on Japan, with a particular emphasis on improving cross-border transactions.

The first phase of the initiative will evaluate how USDC performs in JCB's internal cross-border fund transfers between different markets. Later stages will expand the pilot to in-store stablecoin payments, allowing both domestic merchants and international visitors to make transactions using USDC.

JCB and Circle also plan to explore additional services that combine USDC's blockchain infrastructure with JCB's extensive payment acceptance network. The goal is to streamline international settlements while introducing new payment options for businesses and consumers.

The partnership aligns with Circle's broader push into institutional payments. Earlier this month, the U.S. Office of the Comptroller of the Currency (OCC) granted final approval for Circle National Trust to begin operations. Initially, the new trust bank will provide digital asset custody services for Circle and its affiliated entities. Over time, it is also expected to manage the reserves backing USDC, although the company has not announced a timeline for that expansion.

Circle is also strengthening partnerships with financial institutions outside the United States. Standard Chartered recently launched a service at the Dubai International Financial Centre (DIFC), enabling selected institutional clients to mint and redeem USDC through the bank. Meanwhile, BNY has integrated USDC support into its digital asset custody platform.

The agreement with JCB is part of Circle's broader expansion strategy across Asia. Later this month, the company will host Current Seoul, a private event focused on digital asset regulation, cross-border payments, and industry collaboration.

In April, Circle co-founder and CEO Jeremy Allaire met in South Korea with representatives from KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, Bithumb, and several payment companies. The discussions centered on cooperation within the Circle Payments Network to support international payment infrastructure.