- The company has raised $38 million via an elongated Series B investment round and will scale its ecosystem of stablecoins.
- The AZ-COM Maruwa intends to use the JPYC coin to settle payments worth approximately 2300 logistics partners and contractors.
- The firm is testing out its retail payments solutions even as there is increasing regulation of stablecoin usage in Japan.
The firm JPYC has successfully closed its Series B financing round extension and is able to raise 6 billion yen, which is around $38 million in funding. The latest extension brings Tokyo-listed logistics company AZ-COM Maruwa Holdings into the investor group and follows an earlier financing round announced in May.
JPYC Extends Series B Funding to 6 Billion Yen
JPYC announced that its extended Series B financing has reached a cumulative total of 6 billion yen, representing an increase of about 1 billion yen from the roughly 5 billion yen disclosed in May.
While the company confirmed the completion of the extension, it did not specify how much capital was contributed through the latest closing or disclose the size of AZ-COM Maruwa’s investment.
“The new funds will be channeled into the expansion of our financial services infrastructure, the development of our Web3 ecosystem, and the adoption of our yen-based stablecoin,” commented the firm.
As part of the fundraising event, Metaplanet Ventures committed an investment of 400 million yen, which amounts to $2.53 million, for JPYC’s Series B funding.
Key funding highlights
- Total Series B funding reached 6 billion yen ($38 million).
- AZ-COM Maruwa joined as a new strategic investor.
- Proceeds will support financial infrastructure and stablecoin ecosystem expansion.
AZ-COM Maruwa Plans Stablecoin Payments
The latest funding extension also establishes a business relationship between JPYC and AZ-COM Maruwa Holdings, one of Japan’s logistics companies.
According to earlier reporting by Nikkei, AZ-COM had been considering an investment exceeding 1 billion yen in JPYC. The logistics company plans to use the yen-backed stablecoin to make payments to approximately 2,300 delivery partners, transportation contractors, and other business partners.
JPYC said combining its stablecoin with AZ-COM’s logistics network could support onchain finance by integrating commercial transactions, logistics operations, and payment flows.
Moreover, there were also reports showing that AZ-COM sees stablecoin settlements as a means of providing faster and more frequent payments while addressing the shortage in manpower due to Japan’s aging population and the tougher overtime rules for the logistics industry.
JPYC Expands Commercial Payments Infrastructure
JPYC was founded in October and became the first stablecoin issuer in Japan, and since its establishment, it continues to expand its commercial payment use cases.
The firm is taking part in pilot tests for its stablecoins in the form of payment in physical retail stores. In one of its projects, payment trials are currently ongoing at Lawson using the point-of-sale systems rather than payment terminals.
Further proof-of-concept tests involve payment in combination with other cryptocurrencies such as USDC and USDT via digital wallets.
JPYC has also expanded payment acceptance beyond convenience stores. Selected Chibo restaurant locations and several dental clinics in Tokyo and Chiba are preparing to accept payments through HashPort’s payment infrastructure.
Current commercial initiatives
- Stablecoin payment pilot at Lawson convenience stores.
- Planned payment acceptance at selected restaurants and dental clinics.
- Testing of wallet integration and payment processing systems.
Stablecoin Market in Japan Keeps Evolving
The fundraising process for JPYC comes amid growth in the development of stablecoins under regulation in Japan.
SBI Group recently introduced JPYSC, described as the country’s first trust bank-backed yen stablecoin. At the same time, MUFG, SMBC, and Mizuho are continuing work on a jointly issued yen-backed stablecoin.
Japanese authorities have also expressed support for broader stablecoin use and the development of onchain finance, providing a regulatory backdrop as financial institutions and private companies expand digital payment initiatives.
JPYC said the proceeds from the extended Series B round will be used to continue developing its ecosystem and support broader commercial adoption of its regulated stablecoin across Japan.
FAQs
Why did JPYC raise additional funding?
According to JPYC, funds raised from the extended Series B funding process will be used for developing the firm’s financial infrastructure and Web3 ecosystem as well as boosting its yen stablecoin.
How much has JPYC raised in total?
The company said its extended Series B funding round has reached a cumulative total of 6 billion yen, or approximately $38 million.
How is AZ-COM Maruwa going to utilize JPYC?
AZ-COM Maruwa intends to utilize the stablecoin JPYC for making payments to approximately 2,300 delivery partners and other business partners.
