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JCB inks Circle MOU to test USDC stablecoin payments in Japan
The proof of concept will cover internal cross-border fund transfers, and JCB and Circle will also assess merchant payments for international visitors.
Japan’s domestic payments network JCB has signed a memorandum of understanding with Circle to explore using Circle’s USDC stablecoin for cross-border payments and merchant transactions in Japan, according to Cointelegraph.
Under the agreement, the companies plan an initial proof of concept for JCB’s internal cross-border fund transfers, while also evaluating how USDC payments could work at Japanese merchants for international visitors.
Cointelegraph reports that JCB and Circle will additionally assess technologies aimed at interoperability across multiple blockchain networks and will consider further applications for stablecoin infrastructure for cross-border payments and merchant services, though they did not provide a timeline for commercial deployment.
The deal builds on JCB’s January initiative with Digital Garage and Resona Holdings to test stablecoin payments at physical stores in Japan, focused on identifying technical and operational challenges for domestic merchants. Cointelegraph also notes that USDC is the world’s second-largest stablecoin by market capitalization, with a circulating supply of about $73 billion, behind Tether’s USDT, which is cited at roughly $184 billion.