Circle Completes More Than $68 Million in Internal Transfers Using USDC

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, the issuer of USDC, relies heavily on the stablecoin’s circulation and income from its reserve assets. As stablecoins expand into cross-border settlement, corporate payments and on-chain finance, Circle’s fiscal first-quarter 2026 results offer a key gauge of USDC’s growth momentum and the company’s ability to expand into blockchain infrastructure and machine-to-machine payments.

Circle reported that USDC circulation rose to $77 billion in its fiscal first quarter of 2026, while on-chain transaction volume increased 263% from a year earlier. Revenue, however, fell short of market expectations. The company also said the token for its Arc blockchain raised $222 million in a presale and launched Agent Stack to serve demand for autonomous transactions and payments by AI agents. Its shares surged nearly 16% after the results were released.

OSL Group is a Hong Kong-based digital asset platform, while Circle issues the U.S. dollar stablecoin USDC. The partnership will integrate USDC into OSL's trading and payments ecosystem, offering 1:1 conversion between U.S. dollars and USDC. It will also support professional trading and use as contract margin, strengthening digital-dollar liquidity in Hong Kong and global markets.

OSL Group recently announced a strategic partnership with Circle aimed at expanding global channels for USDC payments, conversions and trading through its platforms. Available information does not disclose a formal signing date, the value of the partnership or a phased rollout schedule. Confirmed elements include 1:1 U.S. dollar conversion and the introduction of USDC for professional trading and contract margin.

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.