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JPYC’s yen stablecoin issuer completes Series B extension at $38M

JPYC said logistics group AZ-COM Maruwa Holdings joined the round, and it plans to pair the stablecoin with AZ-COM’s network to support onchain finance across payments and logistics flows.

Reported · Written up by our desk · Stablecoins

Yen stablecoin issuer JPYC has completed an extension of its Series B funding round, bringing the round’s cumulative total to about 6 billion yen, or $38 million, according to Cointelegraph. JPYC said Japanese logistics group AZ-COM Maruwa Holdings joined the round as a new investor. The company did not disclose the amount raised through the extension, AZ-COM’s investment size, or the terms of any capital and business alliance, Cointelegraph reported. JPYC said it plans to use the proceeds to expand its financial and Web3 ecosystem and accelerate adoption of its yen-pegged stablecoin. Cointelegraph noted that the cumulative total rose by about 1 billion yen from around 5 billion yen announced in May. The report also said that, as of earlier coverage by Nikkei, AZ-COM was considering investing more than 1 billion yen in JPYC and exploring the use of the stablecoin to pay roughly 2,300 delivery partners and contractors. Cointelegraph added that JPYC said combining the stablecoin with AZ-COM’s logistics network could support onchain finance integrating commercial, logistics and payment flows.

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