Japanese stablecoin issuer JPYC has secured 6 billion yen (roughly $38 million) in a Series B extension funding round, the company announced. The fresh capital will go toward expanding JPYC's payment network and Web3 services across Japan.
Funding to fuel payment network growth
The Series B extension brings JPYC's total funding to an undisclosed amount. The company operates a yen-pegged stablecoin called JPYC, which is used for remittances, payments, and decentralized finance applications. With this new injection, JPYC plans to broaden its merchant network and make its stablecoin more accessible for everyday transactions in Japan.
Web3 services in focus
Beyond payments, JPYC intends to develop Web3 infrastructure, including wallet services and decentralized application integrations. The company sees stablecoins as a bridge between traditional finance and blockchain-based services. Japan's regulatory environment has been relatively welcoming to stablecoins, especially after the 2022 law that recognized them as a form of digital money.
What the funding means for Japan's crypto scene
Japan has been a cautious but active player in the crypto space. The country's Financial Services Agency has licensed several exchanges and is working on stablecoin rules. JPYC's latest raise signals that investors see potential in a regulated stablecoin tailored for the Japanese market. The company competes with other yen-pegged stablecoins and global players like USDC and USDT, but focuses on local compliance and partnerships.
The funding round was led by existing investors, though JPYC did not disclose the full list of participants. The company has previously raised from firms including GMO Financial Holdings and Nippon Wealth Life Insurance.
JPYC now has the capital to scale its operations. The next step is to roll out its expanded payment network and Web3 services across Japan, with a target to onboard more merchants and users in the coming months.
