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- JPYC Inc. raised 6 cardinal yen ($38 million) successful an hold of its Series B backing circular to accelerate the enlargement of its yen-pegged stablecoin.
- New investors successful the latest circular see AZ-COM Maruwa Holdings, a large Japanese logistics company.
- AZ-COM has plans to settee payments successful JPYC with its clients, which included Amazon Japan.
JPYC Inc. raised 6 cardinal yen ($38 million) successful an hold of its Series B backing round to accelerate the enlargement of its yen-pegged stablecoin.
The concern brings the company’s total raised to $106 cardinal crossed 7 backing rounds since November 2021, according to task superior information tract Tracxn.
New investors successful the latest circular see AZ-COM Maruwa Holdings (9090), a large Japanese logistics company.
AZ-COM plans to settle payments successful JPYC with its clients, including Amazon Japan. Its web of astir 2,300 partners is made up of subcontractors, drivers and truthful on. The determination marked the archetypal large-scale firm usage of a stablecoin for regular concern operations successful Japan.
JPYC is 1 of the astir salient stablecoins pegged to the Japanese yen with a marketplace headdress of $55.5 million, according to information tracked by CoinGecko.
Stablecoins are integer tokens pegged to the worth of a accepted fiscal asset, usually a fiat currency. The marketplace is overwhelmingly dominated by tokens pegged to the U.S. dollar. The yen stablecoin assemblage is growing, helped by adoption among immoderate of Japan’s largest fiscal institutions, but remains negligible successful the discourse of the USD-dominated market.
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