Nomura Holdings has partnered with major stablecoin issuer Circle to explore onchain finance collaborations in Japan and global markets as Japanese banks, brokerages and payments firms race to test digital tokens for faster, lower-cost cross-border payments and securities settlement.
Nomura, Circle Team Up as Japan's Stablecoin Buildout Gathers Pace
29 June 2026 - 05:11 CEST
Japan’s largest securities firm by retail client assets signed a memorandum of understanding (MOU) with Circle Internet Group's Circle Internet Financial affiliate covering instant settlement using stablecoins, collateral management, fund transfers and capital markets transactions.
Circle's USD Coin (USDC) is the world's second-largest stablecoin by market cap, with about $73.7bn in circulation, trailing market leader USDT at about $186bn. Stablecoins are digital tokens pegged to assets with stable value, such as the US dollar.
Beyond proof of concept
In a 26 Jun statement, Nomura said the companies would work together to establish the trust functions needed for stablecoin circulation, including asset preservation.
"The company aims to move digital finance beyond proof-of-concept initiatives and develop it into practical financial infrastructure for real-world business operations," it said.
Nomura’s announcement follows a move earlier in June by Japan’s three largest banks – Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank – to jointly issue stablecoins linked to fiat currencies in the 2026 financial year. The trio were expected to sign a basic agreement and establish a council to determine operating procedures, Nikkei reported on 9 Jun.
Modernizing finance
Tokyo has been implementing regulatory changes to modernize its financial system, which include allowing licensed financial institutions to issue and distribute stablecoins.
Nomura has been active in Web3, setting up a dedicated digital asset company, Laser Digital, in 2022 to serve institutional clients, and has since extended into crypto products, tokenization, stablecoins and market infrastructure.
For Circle, the Nomura deal deepens its foothold in one of Asia's most important financial markets. The firm’s operations in Japan picked up pace in late 2023, when it signed an MOU with financial conglomerate SBI Holdings to circulate USDC, establish a banking relationship and promote Circle’s Web3 services in Japan. In March 2025, SBI VC Trade received regulatory approval to list USDC.
