JPYC Raises $38M as Logistics Giant AZ-COM Maruwa Backs Yen Stablecoin

JPYC Inc., the company behind Japan's first fully regulated yen-pegged stablecoin, has raised $38 million as part of its Series B funding round. The new investment brings the total to approximately 6 billion yen ($38 million).

AZ-COM Maruwa Holdings, a Tokyo-listed logistics heavyweight that counts Amazon Japan among its customers, invested about $6.3 million in JPYC's latest funding round.

The partnership plans to use JPYC for payments with around 2,300 truck drivers and contractors, marking one of the first corporate uses of a yen stablecoin in Japan.

AZ-COM Maruwa executives believe that using JPYC can help reduce manual invoicing steps and slash administrative expenses. They plan to connect payments directly with delivery confirmation records, possibly through GPS tracking or smart contracts.

This move comes as Japan's government promotes what officials describe as 'onchain finance', where blockchain payments are connected directly to commercial and logistics records.