JPYC raises $38 million Series B as AZ-COM Maruwa backs yen stablecoin

JPYC, issuer of Japan's first licensed yen stablecoin, closed a Series B extension at roughly 6 billion yen ($38 million) with logistics group AZ-COM Maruwa Holdings joining as a new investor.

JPYC raised about 6 billion yen ($38 million) in an extended Series B, with Tokyo-listed logistics group AZ-COM Maruwa Holdings joining as a new investor to back expansion of the yen-pegged stablecoin.

JPYC said the proceeds will fund growth of its financial and Web3 ecosystem and accelerate adoption of the token, according to a company statement Wednesday. The extension added roughly 1 billion yen to the roughly 5 billion yen announced in May, though the company did not disclose the size of AZ-COM's stake or financial terms of the capital and business alliance.

AZ-COM, which counts Amazon Japan among its clients, plans to use JPYC to pay about 2,300 delivery partners and contractors, Nikkei reported last month. The logistics firm views the stablecoin's settlement speed as a tool to attract partners and address driver shortages tied to an aging workforce and tighter overtime rules. Metaplanet Ventures deployed 400 million yen ($2.53 million) into the round in March.

The deal marks the first large-scale corporate use of a stablecoin for daily business operations in Japan, and it strengthens JPYC's position against rivals in a market that is expanding but remains small next to dollar-pegged tokens. JPYC, which launched last October as Japan's first registered stablecoin, is also piloting payments at a Lawson convenience store location, the country's third-largest chain.

Yen stablecoin sector draws institutional money

The investment brings JPYC's total raised to $106 million across seven funding rounds since November 2021, according to venture capital data site Tracxn. The token carries a market cap of $55.5 million, per CoinGecko, a fraction of the dollar-denominated stablecoin market dominated by Tether and Circle.

Japanese authorities have signaled support for wider stablecoin use and onchain finance, drawing traditional institutions into the sector. SBI Group launched JPYSC in June as the country's first trust bank-backed yen stablecoin, while three megabanks — MUFG, SMBC and Mizuho — are developing a jointly issued token. AZ-COM's adoption gives JPYC a real-world payments use case that its bank-backed competitors have yet to match, potentially accelerating enterprise settlement flows in logistics and beyond.

This article is for informational purposes only and does not constitute investment advice.