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JPYC raises $38 million to expand its yen-pegged stablecoin

The Series B extension adds AZ-COM Maruwa Holdings as a new investor and the firm plans to settle client payments in JPYC, including with Amazon Japan.

Reported · Written up by our desk · Stablecoins

JPYC Inc. has raised 6 billion yen, about $38 million, in an extension of its Series B funding round to accelerate growth of its yen-pegged stablecoin, according to CoinDesk.

New investors include AZ-COM Maruwa Holdings, a major Japanese logistics company. AZ-COM said it plans to settle payments in JPYC with its clients, which include Amazon Japan, and operates a network of about 2,300 partners.

CoinDesk also notes the funding brings JPYC’s total raised to $106 million across seven rounds since November 2021. The company’s yen stablecoin is described as among the most prominent in its category.

JPYC is one of the leading Japanese yen stablecoins, with a market cap of $55.5 million as tracked by CoinGecko, CoinDesk reported. The outlet adds that stablecoins pegged to the US dollar dominate the market, while yen-pegged tokens remain small despite growing adoption in Japan.

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