OSL Group, Circle Partner to Expand USDC in Global Payments and Trading

JCB is Japan’s largest credit card network, with about 40 million merchants worldwide, while Circle issues the U.S. dollar-backed stablecoin USDC. Since Japan amended its Payment Services Act in 2023 to establish a legal framework for stablecoins, regulators and businesses have continued working to integrate the tokens into everyday commerce. A partnership between a traditional card network and a stablecoin issuer could bring stablecoin payments directly to mainstream merchants and consumers through existing acquiring and settlement infrastructure, making the initiative an important indicator of changes in Japan’s payments landscape.

JCB and Circle signed a memorandum of understanding in July 2026 to test USDC payments in Japan. The first phase will use internal JCB fund transfers for a proof of concept. If the technology proves viable, the partners plan to expand it gradually to cross-border payments and merchant transactions, aiming to improve payment efficiency and reduce foreign-exchange costs for international visitors. If fully implemented, the project could give USDC access to about 40 million merchants through JCB’s network, making it one of Japan’s largest stablecoin commercialization efforts.

Circle issues the U.S. dollar stablecoin USDC, while Dunamu operates Upbit, South Korea’s largest crypto-asset exchange. The country has about 17 million crypto investors, and AI applications are becoming widespread. Visa and local financial institutions therefore see South Korea as an important testing ground for stablecoin payments and digital financial services.

Circle and Dunamu have signed a comprehensive memorandum of understanding to jointly study stablecoin operating models, promote blockchain applications and support digital-asset education. The companies aim to use Upbit’s market presence to expand USDC use cases in South Korea. They did not disclose the exact signing date, investment amount or a firm timetable for product launches.

USDC is a fully reserved stablecoin issued by a regulated affiliate of Circle Internet Group and redeemable 1:1 for U.S. dollars. Cross-border payments in Africa have long faced high costs and lengthy settlement times because of fragmented currencies and infrastructure. Sasai Fintech, part of Cassava Technologies, has established operations spanning business payments, personal remittances and mobile wallets.

Circle announced on March 24, 2026, that its affiliate would collaborate with Sasai Fintech to explore integrating USDC and Circle's onchain infrastructure into African payment corridors. Potential uses include business payments, cross-border transfers, remittance services and consumer wallets. The companies have not disclosed any investment amount, launch markets or timetable. Their goal is to reduce costs, transaction friction and settlement times.

Circle issues USDC and generates most of its revenue from interest on the dollar reserves backing the stablecoin. Investment bank William Blair believes stablecoins are evolving from crypto trading instruments into infrastructure for cross-border payments. With regulations and networks still fragmented across jurisdictions, Circle’s payment network and USDC’s liquidity are key to maintaining its market leadership.

William Blair said in its latest report that Circle’s stock had recently outperformed other crypto-related shares, interpreting the gains as evidence that investors recognize the resilience of USDC’s market capitalization and Circle’s infrastructure advantages. However, the available information does not disclose the report’s exact publication date, the size of the share-price gain, USDC’s market capitalization or a price target, and those figures should not be inferred.

Circle-issued USDC is a U.S. dollar-pegged stablecoin, while Circle Mint allows businesses to mint, redeem and manage USDC. Transfers between multinational corporate entities typically rely on bank wires, which are constrained by business hours and cutoff times and take one to three days to settle. The trial therefore highlights blockchain’s potential to reduce the time that funds remain in transit.

Circle CEO Jeremy Allaire said on March 7, 2026, that the company had completed 11 USDC transfers among eight internal entities through Circle Mint in the first month, totaling more than $68 million. All were completed within 30 minutes, while about 90% of transfer-pricing work could be completed within one day. The related multi-entity treasury-management features were expected to be updated later that month.