Circle · Japan · White House · Cointelegraph
Circle, Nomura eye Japan corporate FX with stablecoin settlement: Report
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Circle and Nomura are reportedly partnering to enable stablecoin-based foreign exchange settlement for Japanese companies as the country's regulated blockchain-based financial infrastructure expands.
Key facts
- Circle is the issuer of the world’s second-largest stablecoin, USDC (USDC), which has a market capitalization of $73.8 billion, CoinMarketCap data shows
- The proposed changes would also lower the capital gains tax on crypto assets from the current 55% to a 20% flat rate
- Stablecoin issuer Circle and Japan's largest investment bank Nomura have reportedly partnered to enable instant foreign exchange settlement for Japanese companies as early as 2027
- The Payment Services Act also currently governs cryptocurrencies in Japan, but regulators have been moving to shift digital assets under the Financial Instruments and Exchange Act, which would bring
Summary
Stablecoin issuer Circle and Japan's largest investment bank Nomura have reportedly partnered to enable instant foreign exchange settlement for Japanese companies as early as 2027. The service would enable companies to convert yen into dollar-denominated stablecoins for cross-border transactions and instant settlement, reducing delays caused by banking hours and time zone differences, Nikkei reported on Thursday. The partnership would bring one of the world's largest dollar stablecoins into Japan's corporate foreign exchange market, expanding the use of stablecoins for business-to-business cross-border settlement. Circle is the issuer of the world’s second-largest stablecoin, USDC (USDC), which has a market capitalization of $73.8 billion, CoinMarketCap data shows.