JCB Co., Ltd. and an affiliate of Circle Internet Group, Inc. (NYSE: CRCL) have signed a memorandum of understanding to explore collaboration using stablecoins, the companies announced.

Under the agreement, JCB and Circle will examine opportunities that combine Circle's stablecoin payment infrastructure with JCB's global merchant network, with a focus on cross-border payments and new payment experiences for merchants and customers.

The two companies identified two primary areas of exploration. The first involves cross-border treasury and payments using USDC, including a proof of concept centered on JCB's internal fund transfers, with the goal of evaluating remittance cost reduction and payment efficiency improvements. The second focuses on stablecoin-enabled in-store payments for merchants and international visitors in Japan, including evaluation of technologies supporting interoperability across multiple blockchain networks.

JCB began a separate collaboration in January 2026 with Digital Garage, Inc. and Resona Holdings, Inc. toward real-world implementation of stablecoin payments at physical stores in Japan. That effort includes a proof of concept for stablecoin payments at merchant locations.

JCB is headquartered in Minato-ku, Tokyo, and is led by Chairman and CEO Takayoshi Futae. Circle Internet Group is listed on the New York Stock Exchange. The MOU establishes a framework for ongoing evaluation of stablecoin-enabled payment infrastructure across global payment use cases.