Japan-based firm JPYC Inc., the issuer of the Japanese yen-backed stablecoin JPYC, has raised a total of 6 billion yen (about $38 million) in an extended Series B funding round.

 

 

The Series B round, which began in February this year and raised $38 million over time, involved venture partners and investors including Asteria, Metaplanet, Yokohama Capital, bitFlyer Holdings, and Hokkaido Bank, among others.

 

For the extended round, AZ-COM Maruwa Holdings Co., Ltd. became the newest investor in JPYC Inc., with some publications reporting that it led the round after investing an additional 1 billion yen (about $6 million), securing a 2.9% ownership stake in the company.

 

“The synergy between our ‘JPYC’ currency and the robust logistics network of the AZ-COM Group will form the core foundation of this ‘on-chain finance that integrates commercial, logistics, and financial flows,’” Noritaka Okabe said in a JPYC press release.

 

Regarding the funds raised, JPYC Inc. said in a recent press release that it aims to expand its presence across both the financial and Web3 ecosystems, accelerating the adoption of the JPYC stablecoin. The company also said, as stated in a previous press release, that the funds will be used to support the development of JPYC’s infrastructure, investments, and partnerships.

About JPYC 

 

JPYC is Japan's first yen-backed stablecoin that maintains a 1:1 peg with the Japanese yen.

 

Under Japan’s Payment Services Act, JPYC is classified as an electronic payment instrument rather than a cryptocurrency, giving it full redeemability and stronger consumer protection under the strict regulatory oversight of Japan’s Financial Services Agency (FSA).

 

Since its launch in October last year, JPYC has surpassed 10 billion Yen in onchain circulation volume. The stablecoin is also currently supported by several blockchains, including Ethereum, Avalanche, Polygon, and Kaia. Additionally, transactions using the stablecoin are free of charge.