Circle and Nomura Target Japan’s FX Market With USDC Settlement Plan

Circle Internet Financial and Nomura Holdings have agreed to develop a digital asset settlement business in Japan, with a corporate payment service planned as early as 2027. The partnership would allow Japanese companies to exchange yen for USDC, Circle’s dollar-backed stablecoin, for use in cross-border payments and foreign exchange settlement.

The move matters because it puts a major stablecoin issuer and one of Japan’s best-known financial groups behind a practical corporate payments use case. According to the source, the service is designed to reduce settlement times for cross-border and foreign exchange transfers from the two-to-three business days typical of standard bank wires to much shorter blockchain-based processing.

The companies are targeting Japan’s import, export and corporate currency markets. CoinDesk cited Bank for International Settlements data showing Japan’s foreign exchange market handled $440 billion in daily transactions as of 2025, underscoring the scale of the market Circle and Nomura are pursuing.

The planned service follows changes to Japan’s payments framework. Japan’s Financial Services Agency cleared USDC under updated payment rules, making it the first global dollar stablecoin approved for local corporate use, according to the source. Circle already operates in the country through Circle Japan and has distribution ties with SBI Holdings.

Nomura is expected to handle client onboarding in Japan, regulatory requirements and connections with existing banking systems. Over the next year, the partners plan to complete remaining infrastructure work, strengthen custody arrangements and finish the banking integrations needed before the planned rollout.