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Japan’s logistics sector just handed the country’s stablecoin industry its biggest real-world test yet. AZ-COM Maruwa Holdings, one of Japan’s prominent third-party logistics providers, has announced plans to use JPYC to compensate its drivers and is backing that commitment with a ¥1 billion investment in the stablecoin itself.
What JPYC actually is
JPYC maintains a 1:1 peg to the Japanese yen and is fully backed by yen deposits and Japanese government bonds. JPYC launched on October 27, 2025, becoming the first yen-backed stablecoin approved by Japan’s Financial Services Agency under the country’s Payment Services Act. The token runs on multiple blockchain networks, including Ethereum, Avalanche, and Polygon. Holders can redeem it 1:1 through the JPYC EX platform, and the project already counts Sony Bank and Densan System among its strategic partners.
By early 2026, cumulative issuance of JPYC had reached approximately ¥1 billion to ¥1.3 billion. AZ-COM’s ¥1 billion investment is roughly equal to the entire existing supply of the token.
Why a logistics company is the one doing this
AZ-COM Maruwa Holdings, listed on the Tokyo Stock Exchange under ticker 9090, restructured into a pure holding company structure in 2022. It operates across the third-party logistics space, coordinating warehousing, transportation, and delivery for other businesses rather than owning the goods it moves.
What this signals for Japan’s digital currency landscape
JPYC’s stated goal is to reach ¥10 trillion in circulation within three years. The current issuance sits around ¥1 billion to ¥1.3 billion.
Sony Bank’s involvement as a strategic partner hints at how the token could eventually reach retail consumers, with drivers getting paid in JPYC potentially able to spend it directly at merchants integrated through Sony Bank’s payment infrastructure.
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