[Digital Today reporter Chi-gyu Hwang] Japan stablecoin issuer JPYC has raised total investment of 6 billion yen ($38 million) in a Series B extension round.

According to a recent report by The Block, JPYC, which issues the yen-pegged stablecoin JPYC, plans to use the funds to expand its finance and Web3 ecosystem and increase adoption of JPYC.

In the extension round, major logistics company AZ-COM Maruwa made a new investment of 1 billion yen ($6.3 million). In March, MetaPlanet Ventures put 400 million yen ($2.53 million) into the Series B round.

According to a Nikkei report, Tokyo Stock Exchange-listed AZ-COM Maruwa, which counts Amazon Japan as a customer, plans to pay fees and wages in JPYC to about 2,300 partner companies and sole proprietors.

AZ-COM Maruwa is known to view the yen stablecoin's fast processing speed as a way to attract partner companies and address a shortage of drivers due to aging and tighter overtime regulations.

Launched in October last year as Japan's first registered stablecoin, JPYC is also running stablecoin payment trials at some stores of Lawson, Japan's third-largest convenience store chain, it was reported.

As Japanese authorities have expressed a willingness to support the spread of stablecoins and on-chain finance, traditional financial institutions are also entering the stablecoin business. SBI Group launched JPYSC in June as Japan's first trust bank-based yen stablecoin. Three major banks, including MUFG, SMBC and Mizuho, are also developing a jointly issued stablecoin.