Japan has a reputation for being simultaneously one of the world’s most technologically sophisticated countries and one of the slowest to change how its citizens actually pay for things. JCB, the country’s dominant domestic credit card network, has signed a memorandum of understanding with Circle to explore using USDC across both cross-border treasury operations and merchant payments inside Japan.
This is not a crypto-native startup experimenting at the margins. JCB is the card network that sits behind millions of Japanese consumers and a vast retail merchant base.
What the deal actually covers
The MOU lays out two distinct use cases. The first is internal treasury operations. JCB will begin by running a proof-of-concept focused on using USDC for cross-border fund transfers within its own organization. The second use case is more consumer-facing. The two companies plan to test in-store USDC payments at retail locations, targeting both local Japanese shoppers and international visitors.
Circle’s broader stablecoin stack is also on the table. Beyond USDC, the companies will evaluate EURC, Circle’s euro-denominated stablecoin, for potential payment applications in Japan.
