Circle and JCB Launch USDC Pilot for Treasury Transfers and Retail Payments in Japan

Highlights:

• Circle and JCB have launched a partnership to test USDC for cross-border business and merchant payments.
• JCB will first test USDC for internal cross-border treasury transfers before expanding the project to merchant payments.
• Circle is working with more banks and payment companies to expand the use of USDC.

JCB has partnered with a Circle affiliate to explore payment services using USD Coin (USDC). JCB and Circle will start with a proof of concept for JCB’s internal cross-border treasury operations. The first stage will test whether USDC can speed up internal fund transfers between JCB operations in different markets.

JCB Eyes Cross-Border Efficiency in New Stablecoin Alliance with Circle

Japanese payments giant JCB Co has signed a memorandum of understanding with an affiliate of Circle Internet Group to explore the integration of stablecoin technology into its global payment network.

The… pic.twitter.com/fycsMXDI2M

— Norbert Gehrke (@norbertgehrke) July 14, 2026

Circle issues USDC, which JCB will use during the proof of concept for its cross-border treasury operations. JCB and Circle will also study how USDC can simplify JCB’s internal treasury management across international operations. The proof of concept gives JCB and Circle a controlled environment before they test stablecoin services for merchants and consumers.

However, JCB and Circle have not announced how long the proof of concept will continue before they review the results. JCB and Circle have also not disclosed expected transaction volumes or financial commitments for the project. In addition, JCB and Circle have not confirmed when they could launch commercial stablecoin payment services. The agreement remains in the evaluation stage while JCB and Circle assess the technical and operational performance of USDC.

JCB and Circle also plan to examine additional payment services under their memorandum of understanding. Those services will combine Circle’s stablecoin infrastructure with JCB’s merchant network to support cross-border transactions. If the proof of concept succeeds, JCB and Circle could expand stablecoin payment services to more cross-border use cases.

USDC Pilot Opens New Payment Options for Merchants

JCB and Circle will also explore USDC payments at physical stores for merchants and international visitors across Japan. JCB and Circle want to evaluate whether merchants and international visitors can use USDC for everyday purchases. The companies will study how shoppers could use USDC for purchases at participating stores across Japan.

In addition, JCB and Circle will examine how JCB’s merchant network can work with Circle’s stablecoin infrastructure. JCB and Circle will assess additional payment services beyond treasury operations and merchant transactions. They plan to combine blockchain-based settlement with JCB’s traditional payment infrastructure to improve cross-border payments. Consequently, merchants could accept USDC from international visitors via JCB’s payment network if the project proceeds.

The USDC pilot comes days after Circle secured final approval to establish Circle National Trust in the United States. Circle said Circle National Trust will initially provide fiduciary digital asset custody services for the company and its affiliates.

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Circle Strengthens Institutional Network Across Asia

The JCB USDC pilot adds another institutional partnership to Circle’s expansion strategy across Asia and other regulated markets. Standard Chartered recently allowed eligible institutional clients to mint and redeem USDC through its Dubai International Financial Centre operations. BNY has also expanded its relationship with Circle by adding USDC to its digital asset custody platform. Institutional clients can now mint and redeem USDC through BNY’s digital asset custody platform.

Standard Chartered joins the stablecoin infrastructure race

Standard Chartered has launched USDC minting and redemption for eligible institutional clients through Circle. BNY Mellon did it. Now Standard Chartered. The world's biggest banks are quietly becoming the backbone of…

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Circle’s expansion also comes as competition in the stablecoin market intensifies. Open USD recently launched a dollar-backed stablecoin model that shares reserve income with participating members, increasing competition in the sector.