Visa Launches Stablecoin Platform to Enable Digital Currency Payments Across 200 Million Merchants

JCB Co., Ltd. partnered with Circle Internet Group to explore USDC payments across its network, leveraging Circle's Cross-Chain Transfer Protocol V2. This integration is supported by Japan's updated Payment Services Act. Meanwhile, Circle faces intense competition and a USDC supply contraction to $73 billion in July 2026, driven by the rival Open USD stablecoin. Concurrently, retail stablecoin adoption is accelerating in Japan with initiatives from Lawson and Netstars.

JCB-Circle stablecoin partnership

• ▪JCB Co., Ltd. and Circle Internet Group will explore in-store USDC stablecoin acceptance for tourists visiting Japan.
• ▪The partnership between JCB Co., Ltd. and Circle Internet Group will begin with an internal fund-transfer proof of concept.
• ▪JCB Co., Ltd. and an affiliate of Circle Internet Group signed a memorandum of understanding to explore integrating blockchain-based payments across JCB's global infrastructure.

Circle CCTP V2 technical architecture

• ▪Circle Internet Group's Cross-Chain Transfer Protocol V2 eliminates the custody contracts used in traditional lock-and-mint cross-chain bridges.
• ▪Circle Internet Group's Cross-Chain Transfer Protocol V2 uses a burn-and-mint mechanism to move USDC natively across blockchain networks.
• ▪Circle Internet Group's Cross-Chain Transfer Protocol V2 settles transfers in 8 to 20 seconds on supported blockchains.

Japan stablecoin regulatory framework

• ▪SBI VC Trade registered as Japan's first licensed Electronic Payment Instruments Services Provider in March 2025 to distribute USDC.
• ▪A 2025 amendment to Japan's Payment Services Act, taking full effect on June 1, 2026, established a compliance pathway for foreign trust-type stablecoins.

Circle competitive pressures and USDC contraction

• ▪Circle Internet Group faces competition from Open USD, a stablecoin launched on June 30, 2026, by a consortium including Stripe, Mastercard, Coinbase, Visa, and BlackRock.
• ▪Circle Internet Group's shares fell approximately 30 percent over the month leading up to July 14, 2026.
• ▪Circle Internet Group's USDC circulating supply contracted from approximately $81 billion in March 2026 to around $73 billion in July 2026.

Japan retail stablecoin adoption wave

• ▪Japanese convenience store operator Lawson plans to test yen-denominated stablecoin payments using KDDI's JPYC stablecoin at a Tokyo location starting in August 2026.
• ▪JCB Co., Ltd. collaborated with Digital Garage, Inc. and Resona Holdings, Inc. in January 2026 to implement stablecoin payments at physical stores in Japan.
• ▪Japanese payments company Netstars launched a merchant payment service supporting USDC, USDT, and JPYC across the Solana and Polygon blockchains.

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