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Deep Tide TechFlow message: On July 16, according to Cointelegraph, Japan’s largest payments network, JCB, and Circle signed a memorandum of understanding. Both sides will explore a concept proof for using the USDC stablecoin to facilitate cross-border funds transfers within JCB, and will assess providing stablecoin payment services to international tourists at Japanese merchants.
The cooperation will also evaluate the technology to support interoperability across multiple blockchain networks. USDC is the world’s second-largest stablecoin, with a circulating supply of approximately $73 billion. Japan is accelerating stablecoin payment applications. Several companies have recently announced related testing plans, including Nomura Securities exploring stablecoin FX settlement services and Lawson convenience stores planning to test yen stablecoin payments in August.