Circle and Nomura Partner to Tap Japan’s $440 Billion Daily FX Market

The stablecoin issuer and Japanese financial group are aiming to introduce cross-border FX settlement services as early as next year.

Circle Internet Financial, based in Boston, announced on Thursday a partnership with Nomura Holdings to develop a digital asset settlement platform, with plans to roll out a corporate payment service in Japan by 2027.

Under the agreement, Japanese companies will be able to convert yen into USDC, Circle’s U.S. dollar–pegged stablecoin, according to details first reported by Nikkei. USDC is the second-largest dollar stablecoin globally, with a market capitalization of about $73.8 billion.

The system is designed to support cross-border supplier payments, intra-company transfers, and foreign exchange settlement use cases.

The initiative targets Japan’s import-export and corporate FX markets, which process around $440 billion in daily turnover, according to Bank for International Settlements data. Compared to traditional bank wires that can take two to three business days, the blockchain-based system aims to significantly shorten settlement times.

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

Nomura will lead client onboarding, ensure regulatory compliance, and integrate the platform with Japan’s existing banking infrastructure.

Over the coming year, both firms plan to finalize infrastructure development, strengthen custody arrangements, and complete banking integrations ahead of the planned 2027 launch.