JPYC Inc., the operator of Japan’s first fully regulated yen-pegged stablecoin, has expanded its Series B funding round, taking total investment in the company to about 6 billion yen ($38m).
The latest investment includes approximately 1 billion yen ($6.3m) from AZ-COM Maruwa Holdings, a Tokyo-listed logistics group whose customers include Amazon Japan.
JPYC is a digital asset designed to maintain a one-to-one value with the Japanese yen. Stablecoins are cryptocurrencies linked to fixed assets, with most of the global market tied to the US dollar.
Founded in 2019 and based in Tokyo, JPYC is led by chief executive Noritaka Okabe. The company launched its stablecoin in October 2025, becoming the first digital currency to be registered under Japan’s revised Payment Services Act as an official electronic payment instrument.
That status requires JPYC to comply with government rules on reserves, redemptions and consumer protection. Many other cryptocurrencies do not face the same obligations.
Each JPYC token is backed by yen bank deposits and Japanese government bonds. Holders can therefore exchange the tokens for ordinary yen when required. Rather than charging users transaction fees, JPYC earns interest on the assets supporting the stablecoin, allowing it to provide transfers at low cost or for free.
The investment from AZ-COM Maruwa is linked to a wider commercial arrangement, with the logistics company planning to use JPYC to pay about 2,300 business partners and independent contractors. Those recipients are mainly truck drivers and subcontractors involved in transport and outsourcing work.
The proposed system would be one of Japan’s first attempts to use a yen-backed stablecoin for routine corporate payments.
Japan’s trucking industry is facing a shortage of drivers as its workforce ages. The pressure has also increased since labour reforms introduced tighter limits on overtime in 2024.
AZ-COM Maruwa believes quicker and cheaper settlements could allow contractors to be paid more frequently and help improve staff retention. Traditional bank transfers can be slower, carry fees and operate within restricted processing windows.
The two companies plan to link payments to delivery confirmation records. GPS tracking or smart contracts could be used to release funds automatically once agreed conditions have been met. The system could reduce manual invoicing and lower administrative costs.
AZ-COM Maruwa is also developing a dedicated wallet application for the payments.
The arrangement comes as Japan’s government increases its focus on blockchain-based financial services. Economic policy guidance approved by the Cabinet in July promoted what officials call onchain finance, in which blockchain payments are connected directly to commercial and logistics records.
JPYC has set an ambition of increasing its circulating supply to trillions of yen over several years. Its current circulating value, however, is about $55.47m.
The company faces competition from established financial groups. SBI Group has introduced a trust-backed yen stablecoin, while Japan’s three megabanks – MUFG, SMBC and Mizuho – are developing a shared stablecoin project.
JPYC has also trialled payments at Lawson convenience stores as it examines whether consumers will use the technology beyond controlled demonstrations. Lawson plans to pilot JPYC payments at a Tokyo convenience store in August, in what it says will be Japan’s first such initiative.
Earlier Series B investors included Metaplanet Ventures, which committed 400 million yen in March.
JPYC’s next challenge will be turning corporate interest into sustained use. That will depend on securing more operating partners, scaling its technology reliably and demonstrating that its reserves can remain liquid if demand for redemptions rises.
The speed at which AZ-COM Maruwa puts the contractor payment system into operation will be closely watched. Rival logistics and retail businesses may follow if the model succeeds, while regulators and Japan’s major banks are likely to shape the country’s increasingly competitive stablecoin market through the rest of 2026.
