JPY Stablecoin Issuer JPYC Completes $17.62 Million Series B Follow-on Financing, Metaplanet Participates

According to NADA NEWS, JPYC, the issuer and operator of the JPY stablecoin JPYC, announced that it has completed approximately $17.62 million in follow-on financing during the second closing of its Series B round. Combined with the initial closing, the total cumulative financing 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, business expansion talent recruitment, 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 Kaia and Arc.