JPYC Inc. has successfully raised 6 billion yen (approximately $38 million) in an extension of its Series B funding round, aimed at enhancing the growth of its yen-pegged stablecoin.
This latest investment elevates the company's total funding to $106 million across seven rounds since November 2021.
Among the new investors participating in this funding round is AZ-COM Maruwa Holdings, a prominent logistics firm in Japan.
AZ-COM is planning to utilize JPYC for payments to its clients, which include major companies like Amazon Japan. The firm boasts a network of around 2,300 partners, including subcontractors and drivers, marking a significant step in the adoption of stablecoins for everyday business transactions in Japan.
JPYC is recognized as one of the leading stablecoins tied to the Japanese yen, holding a market capitalization of $55.5 million according to CoinGecko.
Stablecoins are digital assets that maintain a value linked to traditional financial assets, typically fiat currencies. While the market is largely dominated by U.S. dollar-pegged tokens, the yen stablecoin sector is slowly expanding, aided by increasing acceptance from some of Japan’s largest financial institutions, although it remains minimal compared to the USD-dominated market.