Nomura Partners with Circle to Advance Blockchain-Based Digital Finance and Stablecoin Integration
Nomura Holdings has signed a memorandum of understanding (MOU) with Circle Internet Financial to develop and scale digital finance solutions across global markets, with a specific focus on Japan.
The partnership will center on exploring the capabilities of on-chain finance—conducting financial transactions and settlements directly on blockchain networks. Compared to traditional financial systems, this framework is designed to offer enhanced transparency, immediacy, and programmable automation. Specifically, Nomura and Circle plan to investigate opportunities surrounding instant settlement using asset- and fiat-backed stablecoins, alongside optimizing fund transfers, capital markets transactions, and collateral management.
As the first mover, SBI Holdings had signed a memorandum of understanding for a comprehensive business alliance with Circle, which issues USDC, the world's largest regulated stablecoin, in November 2023. With the completion of the registration as an "electronic payment instrument business operator" in March 2025, SBI VC Trade released a beta version of the USDC, a US dollar-linked stablecoin issued by Circle, to a limited number of users, and scaled the operation afterwards.
According to Nomura's announcement, the decision to collaborate stems from rising industry demand for heightened efficiency and transparency in cross-border payments, treasury operations, foreign exchange, and tokenized financial products. While much of the digital asset space has historically been confined to experimental phases, Nomura stated its objective is to transition digital finance beyond proof-of-concept initiatives and into practical, real-world financial infrastructure.
Moving forward, the primary areas of collaboration under the MOU will include:
- Utilizing stablecoins for capital markets transactions and on-chain finance.
- Enhancing settlement infrastructure, fund transfers, and on-chain collateral management.
- Developing critical trust functions, such as asset preservation, to safely support the broader circulation of stablecoins.
The two companies have indicated that they will now enter detailed discussions to evaluate these initiatives from regulatory, legal, technical, and business perspectives.
By combining Circle’s programmable blockchain infrastructure—which includes the USDC stablecoin network—with Nomura’s extensive expertise across its global wealth management, investment banking, and wholesale divisions, the firms aim to establish a more open, internet-scale foundation for institutional financial innovation.
Norbert Gehrke
