JCB and Circle affiliate agree stablecoin payments study

JCB Co. has signed a memorandum of understanding with an affiliate of Circle Internet Group to examine how stablecoins could be used across cross-border payments and merchant acceptance, the Tokyo-based payments company said. The work will pair Circle’s stablecoin payment infrastructure with JCB’s global merchant network, with an initial focus on internal fund transfers and in-store payment use cases in Japan.

Circle Internet Group, listed on the New York Stock Exchange under the ticker CRCL, has built stablecoin and blockchain infrastructure that includes USDC, EURC, Gateway and Arc, according to JCB. The companies will assess whether that infrastructure can support payment and settlement applications for merchants, consumers and treasury operations.

The memorandum creates a framework for continuing discussions between the two companies, JCB said. It does not announce a commercial launch date, transaction volume target or specific merchant rollout.

Internal transfers and merchant payments under review

JCB said the companies will first consider two areas: cross-border treasury and payments, and stablecoin-enabled payments at merchants in Japan.

For treasury operations, JCB and Circle will explore using USDC to support cross-border fund movements. The first step will be a proof of concept involving JCB’s internal fund transfers, through which the companies will evaluate payment efficiency, remittance costs and potential use in wider cross-border payment flows, according to JCB.

For merchant payments, the companies will study in-store stablecoin payment experiences aimed at merchants and international visitors to Japan. JCB said the work will include an assessment of technologies that can allow payments to operate across multiple blockchain networks.

Stablecoins are drawing attention as cashless payment systems develop, JCB said, citing their potential convenience and the expansion of the market. The company said stablecoin payments may reduce currency-exchange burdens for inbound tourists, improve settlement efficiency and help merchant cash flow.

In this structure, a stablecoin such as USDC would be used as the value-transfer instrument, while payment infrastructure connects the customer, merchant and settlement process. For cross-border treasury, the same type of instrument could be tested for moving funds between entities or jurisdictions, subject to the findings of the proof of concept and any applicable operating requirements.

Part of JCB’s wider stablecoin work

JCB said the Circle agreement adds to earlier work on stablecoin payments in Japan. In January 2026, the company began collaborating with Digital Garage Inc. and Resona Holdings Inc. on practical implementation of stablecoin payments.

That effort, with Digital Garage as a partner, has involved identifying issues and studying possible solutions for stablecoin payments at physical stores in Japan through a proof of concept, according to JCB.

JCB said it will continue working with Circle, Digital Garage, Resona Holdings and other companies to support the practical use of stablecoin payments in Japan and abroad. The company said the broader objective is to contribute to a payments ecosystem that can serve both merchants and consumers.

This story draws on original reporting from Finextra Research.