Japanese Yen Stablecoin Issuer JPYC Completes $17.62 Million Series B Extension Round, Metaplanet Participates

According to NADA NEWS, JPYC, the issuer and operator of the Japanese yen stablecoin JPYC, announced that it has completed an extension round of approximately $17.62 million in the second closing of its Series B funding. Combined with the initial closing, the total cumulative funding is expected to be around $28.93 million. Participants in this round include NCB Venture Capital, Metaplanet, Hokuyo Bank, Yokohama Capital, and others.

The funds from this round will primarily be used for system and application development, hiring talent for business expansion, stablecoin issuance and redemption, trading, payment and management-related operations, as well as new strategic investments. JPYC stated that as of April 15, its cumulative issuance has exceeded approximately $13.21 million. It currently supports Avalanche, Ethereum, and Polygon, and is considering adding support for Kaia and Arc.