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.

 

 

SBI Group, one of Japan's largest financial companies, has partnered with the Solana Foundation to launch Japan's first on-chain financial markets.

 

According to a press release from SBI Group, the partnership aims to establish Japan as Asia's leading hub for on-chain finance by leveraging the Solana Foundation's Layer 1 blockchain technology and Japan's vast financial market.

 

Image credit: x.com

 

As part of the collaboration, SBI R3 Japan Co., Ltd. will tentatively change its trade name to SBI Solana Group Co., Ltd. Together with its shareholders, SBI Holdings and Sumitomo Mitsui Financial Group, Inc., SBI Group will pursue a new growth strategy that includes developing cross-border settlement infrastructure and supporting the issuance and distribution of stablecoins and tokenized real-world assets (RWAs).

 

SBI Group's partnership with the Solana Foundation comes shortly after the launch of JPYSC, Japan's first yen stablecoin backed by a trust bank. Issued by SBI subsidiary Shinsei Trust, JPYSC was launched to create a regulated, efficient yen based on a chain payment and liquidity infrastructure that bridges traditional finance (TradFi) and on-chain finance.

 

Unlike earlier funds-transfer or prepaid yen stablecoins, JPYSC has no transaction limit, making it suitable for use as a tradable asset by large institutions and corporations. It also offers significantly lower transaction costs than traditional payment methods.

 

JPYSC Lending Coming Soon

 

With the successful launch of the JPYSC stablecoin, SBI Group has announced the JPYSC Lending Service, a fixed-term lending product that allows users to lend their JPYSC holdings to SBI VC Trade, its cryptocurrency exchange subsidiary, and earn yield in return. Applications for the lending program will open on July 16, with the service scheduled to begin on July 23.