Circle has partnered with Nomura Holdings to launch a digital asset settlement business in Japan, with a corporate payment service planned as early as 2027. Under the arrangement, Japanese companies will be able to exchange yen for USDC and use the stablecoin for cross-border supplier payments, transfers between overseas affiliates, and foreign exchange settlement.
The deal was first reported by Nikkei. USDC, Circle’s dollar-backed stablecoin, had a market capitalization of $73.8 billion at the time of writing, making it the world’s second-largest dollar-pegged stablecoin. The planned business is aimed at corporate payment flows rather than retail use, focusing on Japan’s import, export, and corporate currency transactions.
Corporate FX flows are the main target
According to Bank for International Settlements data, Japan’s foreign exchange market processed $440 billion in daily transactions as of 2025. In the current system, standard bank wires used to move funds between yen and foreign currencies typically take two to three business days to clear. The blockchain-based setup is designed to cut that settlement time.
The use cases outlined by the companies include payments to overseas suppliers, fund transfers between international group entities, and settlement tied to multi-currency corporate operations. For importers and exporters, the timing of fund movement is a practical issue, and the structure of the service is built around that need.
Regulatory changes opened the door for USDC in Japan
The partnership comes after changes to Japan’s local rules. The Financial Services Agency cleared USDC under updated payment regulations, making it the first global dollar stablecoin approved for local corporate use. Circle runs the network through its local arm, Circle Japan, which already manages distribution in cooperation with SBI Holdings.
Nomura will oversee client onboarding in Japan, handle regulatory requirements, and connect the platform with existing banking systems. Over the next year, the two companies expect to complete the remaining infrastructure work, strengthen custody arrangements, and finish the banking integrations needed before the planned 2027 rollout.