Circle–Nomura Alliance Aims at Japan’s $440 Billion Daily Foreign Exchange Flow

The stablecoin issuer and Japanese financial group are targeting the launch of cross-border FX settlement services as early as next year, ahead of a broader corporate payments rollout planned for 2027.

Circle Internet Financial announced on Thursday a partnership with Nomura Holdings to develop a digital asset settlement business in Japan, with a full corporate payment service expected by 2027.

The agreement will enable Japanese companies to convert yen into USDC, Circle’s U.S. dollar–pegged stablecoin, according to the report first published by Nikkei. USDC is the second-largest dollar-backed stablecoin globally, with a market capitalization of around $73.8 billion.

The system is intended to facilitate cross-border supplier payments, transfers between overseas subsidiaries, and foreign exchange settlements.

The initiative focuses on Japan’s large import-export and corporate FX market, which handles roughly $440 billion in daily turnover, according to Bank for International Settlements data. Compared with traditional bank transfers that can take several business days, the blockchain-based approach aims to significantly reduce settlement times.

The partnership follows recent regulatory developments in Japan, where the Financial Services Agency approved USDC under updated payment rules, making it the first global dollar stablecoin authorized for domestic corporate use. Circle operates locally through Circle Japan, which already collaborates with SBI Holdings for distribution.

Nomura will oversee client onboarding, regulatory compliance, and integration with Japan’s existing banking infrastructure.

Over the next year, both firms plan to complete infrastructure buildout, strengthen custody systems, and finalize banking integrations ahead of the expected 2027 launch.