JPYC Secures $38 Million for Yen-Pegged Stablecoin Expansion

JPYC Inc., a company behind a yen-pegged stablecoin, has raised $38 million in an extension of its Series B funding round. The investment brings JPYC's total raised to $106 million since November 2021.

The funding was led by AZ-COM Maruwa Holdings (9090), a major Japanese logistics company. The company plans to use the stablecoin for daily business operations with its clients, including Amazon Japan.

JPYC's market cap is $55.5 million, making it one of the most prominent yen-pegged stablecoins in circulation.