Japanese yen stablecoin issuer JPYC has completed an extension of its Series B funding round, bringing the round's cumulative total to approximately 6 billion yen ($38 million).

On Wednesday, the company announced that Japanese logistics group AZ-COM Maruwa Holdings joined the round as a new investor. JPYC plans to use the new capital to expand its financial and Web3 ecosystem and accelerate adoption of its yen-pegged stablecoin.

JPYC did not disclose the exact amount raised through the extension or the size of AZ-COM's investment. However, the round's cumulative total increased by roughly 1 billion yen from the approximately 5 billion yen announced in May. The company also did not provide financial terms for the two companies' capital and business alliance.

On July 20, Nikkei reported that AZ-COM was considering investing more than 1 billion yen in JPYC. According to the report, AZ-COM was exploring the use of the stablecoin to pay approximately 2,300 delivery partners and contractors.

Cointelegraph contacted JPYC for details about the investment and the partnership's planned applications but had not received a response by publication time.

JPYC stated on Wednesday that combining its stablecoin with AZ-COM's logistics network could support onchain finance integrating commercial, logistics, and payment flows.

The Series B extension follows growing interest in stablecoin-based payment solutions in Japan, a trend supported by the country's regulatory framework. Japan's Revised Payment Services Act, which took effect in June 2023, established a licensing regime for stablecoin issuance and circulation, providing legal clarity that has encouraged domestic experimentation. Earlier developments in the sector include a stablecoin payment trial conducted at convenience store chain Lawson and a new stablecoin-related launch by payment gateway provider Netstars.