JPYC, a Japanese stablecoin issuer, has raised $38 million in a Series B funding round. The investment was led by AZ-COM Maruwa, a Japanese logistics company. The round brings JPYC's total funding to $106 million across seven rounds since November 2021.
A Yen-Pegged Stablecoin
JPYC issues a stablecoin pegged to the Japanese yen. The company aims to provide a digital payment option that avoids the volatility of cryptocurrencies like Bitcoin. Its token is designed to maintain a 1:1 value with the yen, making it suitable for everyday transactions and remittances within Japan.
Funding History
JPYC has now completed seven funding rounds since its first in November 2021. The $38 million Series B is the largest single round to date. AZ-COM Maruwa, the lead investor, operates in logistics and supply chain management, a sector that could benefit from stablecoin-based payments for cross-border trade and settlement.
The company has not disclosed how it will use the Series B funds. The investment from a traditional logistics firm signals growing interest from non-financial companies in Japan's digital currency infrastructure.
