A yen stablecoin issued by JPYC raised about $30 million in a Series B round, with backing from Bitcoin treasury firm Metaplanet and domestic financial firms.
Japan-based regulated stablecoin issuer JPYC disclosed new funding for its yen-pegged token, saying a Series B round has reached roughly $30 million following a second close.
The Tokyo-based company said in an April 20 statement on PR Times, a press release platform, it raised an additional 2.8 billion yen (about $18-19 million) in the latest tranche, bringing total Series B funding to roughly 4.6 billion yen (around $30 million).
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Investors in the round include Bitcoin treasury firm Metaplanet, alongside venture firms and financial institutions such as NCB Venture Capital, i-nest capital, Yokohama Capital and Hokuyo Bank.
- JPYC started out as a prepaid payment token under Japanese rules, which let it launch before stablecoin regulations were in place.
- Amid the news, the price of JPYC jumped 3% to $0.007, pushing the token’s market cap to $18.9 million, per data from CoinGecko.
According to the press release, the new capital will be used to expand payments infrastructure, strengthen compliance systems and scale its ecosystem across consumer and business use cases.
The company reported cumulative issuance of about 2.1 billion yen as of mid-April, with supply growing more than 2.5 times over the past three months.
While JPYC reports roughly 17,000 registered accounts, more than 130,000 wallet addresses have interacted with the token, the press release reads. The stablecoin is deployed on Ethereum, Polygon and Avalanche as the company targets different use cases including payments and DeFi.
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