JCB, Japan’s major card network, announced a tie up with stablecoin issuer Circle to explore a stablecoin collaboration. Initially it plans to explore two use cases. One is using stablecoins for JCB’s global treasury management, starting with a proof of concept for internal fund transfers. The other is supporting stablecoins for retail payments.
On the retail front, JCB has been exploring retail stablecoin payments with Resona Bank and Digital Garage, a major e-commerce payment provider in which JCB previously invested. The Circle tie up will also support stablecoin payments by international visitors to Japan. Foreign stablecoins in Japan have to transact via an Electronic Payment Instruments Exchange Service Provider, a license that Digital Garage has applied for. Additionally there is a ¥1 million ($6,164) cap on transactions.
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