JCB and Circe launched a USDC pilot in Japan, which involves the transfer of funds from within the enterprise and an assessment of the collection and retail payments by the business. This shows that the stable currency application is being transferred from the chain to further extend to cross-border business settlements and sub-linear consumption payments.

First phase test internal redeployments

According to a statement issued by JCB on 14 July, the Japanese payment company has signed a memorandum of understanding with a related party in Circle to develop payment services based on USDC. The first phase will be the conceptual validation of the internal cross-border transfer of funds by JCB.

The parties indicated that the follow-up would also assess the feasibility of using stable currency payments in Japanese physical stores, covering the collections of business households and the payment needs of international visitors to Japan.

Extend payments in conjunction with the business network

In addition to the first round of the pilot, the two companies will assess additional payment services in the direction of integrating the Circle ' s stable currency infrastructure with the JCB ' s business network to support cross-border transactions and new business and consumer payment modalities.

This cooperation also shows that stabilizers are trying to embed their product capacity in traditional payment systems rather than just encrypted original scenes.

Circle continues to promote institutional cooperation

Shortly before this Japanese cooperation was reached, Circle had just obtained a key bank approval in the United States. The U.S. Monetary Supervisory Authority finally approved the creation of the Circle National Trust earlier this month and incorporated it into federal regulation.

Circe had previously indicated that the national trust bank would initially provide digital asset hosting services to companies and their affiliates and might be involved in the future in the management of the USDC reserve, but no specific timetable had yet been announced.

  • Standard Chartered Bank has launched USDC foundry and foreclosure services in Dubai.
  • Melon Bank, New York, has integrated USDC into the digital asset hosting platform

The Asian layout is still moving forward.

Circe will hold an invitation-based event later this month in Seoul to bring together senior managers of banks, encryption exchanges, payment companies and technology enterprises to discuss digital asset regulation, cross-border payments and industry cooperation.

In April of this year, Jeremy Allaire, co-founder and chief executive officer of Circle, met in Korea with senior executives of banks, exchanges and payment companies to discuss the possibility of international payment cooperation through Circe Payments Network.

Additional information:The recently launched Open USD uses the reserve share model to attract members, but many Korean enterprises listed as participants subsequently indicated to the local media that they had not formally agreed to join the alliance.