Yen Stablecoin Issuer JPYC Raises Series B Total To $38 Million

Japanese yen-pegged stablecoin issuer JPYC has extended its Series B funding round, bringing the total raised to roughly 6 billion yen, about $38 million. The company announced Wednesday that Japanese logistics group AZ-COM Maruwa Holdings joined as a new investor. JPYC plans to use the fresh capital to expand its financial and Web3 ecosystem and speed up adoption of its yen-backed token.

Funding Details Remain Undisclosed

JPYC did not reveal the exact size of the extension or AZ-COM’s specific investment, though the round grew by about 1 billion yen from the 5 billion yen announced in May. Terms of the capital and business alliance between the two companies also weren’t disclosed.

Delivery Network Could Adopt Stablecoin Payments

Nikkei reported on July 20 that AZ-COM was weighing an investment of over 1 billion yen in JPYC, exploring use of the stablecoin to pay roughly 2,300 delivery partners and contractors. JPYC said combining its token with AZ-COM’s logistics network could support onchain finance linking commerce, logistics and payments.