Circle and Nomura join forces to target a $440 billion daily foreign exchange market in Japan
Circle and Nomura have partnered to facilitate the use of the USDC stablecoin for corporate foreign exchange transactions in Japan. This initiative aims to modernize cross-border payments and reduce settlement times in the $440 billion Japanese market.
Why it matters
Represents a significant step in the institutional adoption of stablecoins for traditional financial services.
The agreement will let Japanese businesses exchange yen for USDC, Circle s U.S. dollar-backed stablecoin, according to the announcement first reported by Nikkei . USDC is the world’s second-largest dollar-pegged stablecoin, boasting a market cap of $73.8 billion as of this writing.
The article reports on a business partnership and regulatory developments without taking a stance on crypto policy.
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