JPYC Raises $38 Million in Series B Extension with AZ-COM Maruwa Holdings as New Investor
Key Takeaways
- •JPYC's Series B round has reached approximately 6 billion yen ($38 million) in total funding across multiple closes, with the latest extension backed by a 1 billion yen investment from logistics group AZ-COM Maruwa Holdings.
- •AZ-COM Maruwa Holdings intends to use the JPYC stablecoin to pay fees and salaries to around 2,300 business partners and individual contractors, including truck drivers affected by industry labor shortages.
- •JPYC's on-chain supply surpassed 2 billion yen in July, with the company targeting 1 trillion yen in supply within three years.
- •The Japanese government is actively promoting yen-pegged stablecoins as a strategic counterweight to dollar-dominated tokens in the approximately $315 billion global stablecoin market.
- •JPYC is currently testing real-world payment adoption at a Lawson convenience store, select Kyoto vending machines, and the Chibo okonomiyaki restaurant chain.
JPYC, the Tokyo-based issuer of Japan's first licensed yen-pegged stablecoin, has closed a Series B extension that brings the total funding round to approximately 6 billion yen (about $38 million).
The latest close follows an investment of roughly 1 billion yen ($6.3 million) from AZ-COM Maruwa Holdings, a logistics group that operates one of Japan's largest trucking and warehousing networks and counts Amazon Japan among its major clients. AZ-COM Maruwa entered as a new investor in this extension round.
Background on JPYC
Launched in October 2025, JPYC is a digital token pegged one-to-one to the Japanese yen. It is Japan's first registered yen stablecoin, with each token backed by yen deposits and Japanese government bonds held in reserve. Japan's stablecoin regulatory framework stems from the revised Payment Services Act, which took effect in June 2023 and established licensing requirements for stablecoin issuers and a legal classification for such tokens.
Series B Funding Timeline
The Series B round was conducted across multiple closes. The first close took place in February, led by Asteria Corporation, which raised 1.78 billion yen (approximately $12 million). Participants in that round were drawn largely from corporate Japan, including BitFlyer Holdings and investment vehicles tied to Meiji Yasuda Life Insurance and West Japan Railway.
A second close followed in April, raising an additional 2.8 billion yen and bringing the cumulative total to approximately 4.6 billion yen. Backers in that tranche included NCB Venture Capital, Metaplanet, and Sumitomo Life.
With the newly added 1 billion yen investment from AZ-COM Maruwa Holdings, the aggregate value of the Series B round now stands at approximately 6 billion yen ($38 million).
On-Chain Metrics and Adoption
On-chain supply of the JPYC token surpassed 2 billion yen (approximately $12.36 million) in July, with a market capitalization near $16.28 million. The company has set a three-year target of reaching 1 trillion yen in supply.
JPYC is currently testing stablecoin payments at a Lawson convenience store location. The token has also been accepted by select vending machines in Kyoto and by the okonomiyaki restaurant chain Chibo.
Planned Use for Salary Payments
Beyond its equity investment, AZ-COM Maruwa Holdings intends to use the JPYC token to pay fees and salaries to approximately 2,300 business partners and individual contractors, including truck drivers. Stablecoin payments offer faster settlement compared to traditional bank transfers and lower transaction costs. The company expects that faster payment rails could help attract additional business partners and address driver shortages stemming from Japan's aging workforce and stricter overtime regulations. Japan's trucking sector has been under particular pressure since April 2024, when caps on driver overtime hours under the so-called "2024 problem" took effect, intensifying competition for a limited pool of drivers and raising concerns about logistics capacity. If implemented at scale, stablecoin-based payroll could offer one mechanism for logistics operators to differentiate compensation and retain contractors.
Japan's Broader Stablecoin Strategy
The Japanese government is actively promoting yen-pegged stablecoins as a counterweight to dollar-backed tokens, which currently dominate the approximately $315 billion global stablecoin market.
According to JPYC's press release, the government's July 21 economic policy package included "on-chain finance" as part of the national agenda. The ruling Liberal Democratic Party has urged the finance minister to promote yen stablecoins as a payment rail across Asia, amid concerns among lawmakers that dollar-pegged coins could route payments around domestic banks and marginalize Japanese lenders in cross-border flows. The push also comes as other Asian economies advance their own digital currency initiatives, including China's digital yuan pilot and Singapore's Project Orchid for purpose-bound money.
Japan's three largest banks — MUFG (NYSE: MUFG), Sumitomo Mitsui, and Mizuho — have conducted a joint stablecoin proof-of-concept. Separately, the SBI Group officially launched its own yen stablecoin, JPYSC, in June 2026.
JPYC plans to deploy its newly raised capital to expand its payments and remittance capabilities and deepen integration with Web3 services.