Circle and Nomura eye stablecoin FX settlement for Japan corporates

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Circle & Nomura stablecoin FX for Japan

Highlights

Circle and Nomura plan a partnership enabling Japanese corporates to convert yen into USDC stablecoins for cross-border FX settlement, bypassing traditional banking delays.
USDC, issued by Circle with a market capitalization of $73.8 billion, expands its presence into Japan's corporate foreign exchange and B2B payments market.
Japan's regulatory momentum includes the launch of JPYSC, approval of Ripple USD, new legal frameworks for stablecoins, and a proposed bill to reduce crypto capital gains tax to 20%.

Planned settlement service for corporate payments

Cointelegraph reports that the planned partnership would allow companies to convert yen into dollar-denominated stablecoins for cross-border transactions, giving them a way to complete settlement without delays tied to banking hours and time zone differences.

The move would bring USDC, issued by Circle, into Japan's corporate foreign exchange market and extend stablecoin use further into business-to-business payments. CoinMarketCap data cited in the report shows USDC has a market capitalization of $73.8 billion. Circle and Nomura had not responded to requests for comment by press time.

Japan's regulatory push supports adoption

Stablecoin activity in Japan is accelerating as financial institutions test regulated blockchain-based settlement models. On Wednesday, SBI Holdings and Startale Group announced JPYSC, a trust bank-backed yen stablecoin for institutional and cross-border settlement, while Ripple USD, or RLUSD, officially launched in Japan.

Japan is already among the first major economies with a legal framework for stablecoins, allowing banks, trust companies and licensed money transfer providers to issue regulated tokens under the Payment Services Act. Regulators are also moving to shift digital assets under the Financial Instruments and Exchange Act, and earlier in June the Lower House passed a bill that could open a path to crypto exchange-traded funds, tighter oversight and a lower flat capital gains tax rate of 20%, down from 55%.

Our earlier article on U.S. payments modernization and regulatory frameworks highlighted policymakers’ focus on whether bank and non-bank chartering rules can keep pace with fintech growth and digital assets. We noted that lawmakers and industry witnesses argued updated rails and clearer rules could lower costs and speed up clearing and settlement, improving cash flow and operational efficiency for businesses.

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