JPYC Secures $38M in Funding for Stablecoin Expansion
Japan-based stablecoin issuer JPYC has secured a total of 6 billion yen ($38 million) in funding through its Series B extension round. The investment was made possible by major logistics company AZ-COM Maruwa, which put in 1 billion yen ($6.3 million), joining MetaPlanet Ventures' previous contribution of 400 million yen ($2.53 million) to the round.
JPYC plans to use the funds to expand its finance and Web3 ecosystem, as well as increase adoption of its yen-pegged stablecoin JPYC. AZ-COM Maruwa aims to utilize JPYC for paying fees and wages to around 2,300 partner companies and sole proprietors.
The logistics company views the fast processing speed of JPYC as a way to attract more partner companies and address the issue of aging drivers due to tightening regulations. This move comes amid Japan's willingness to support the spread of stablecoins and on-chain finance, with traditional financial institutions like SBI Group launching their own stablecoin offerings.