AZ-COM Maruwa invests ¥1B in JPYC stablecoin for logistics payments

Japan's logistics sector is about to become the biggest real-world test of a regulated yen stablecoin, with AZ-COM Maruwa Holdings paying 2,300 transport partners in JPYC.

AZ-COM Maruwa Holdings, a Tokyo Stock Exchange-listed third-party logistics provider (9090), plans to use the yen-backed JPYC stablecoin to compensate about 2,300 partner carriers and independent drivers, according to a Nikkei report. The company will invest ¥1 billion in JPYC and form a business partnership with the stablecoin issuer, marking what is expected to become Japan's first large-scale corporate use of the token.

"JPYC's regulated structure and 1:1 yen backing make it suitable for routine business settlement across our logistics network," the company said in its announcement, as reported by Nikkei. The rollout would cover outsourcing and other payments made to a broad network of transport partners, including individual truck drivers.

JPYC launched on Oct. 27, 2025, as the first yen-backed stablecoin approved by Japan's Financial Services Agency under the Payment Services Act. The token maintains a one-to-one peg to the yen, backed by bank deposits and Japanese government bonds as reserve assets. It operates on Ethereum, Avalanche and Polygon, with holders able to redeem through the JPYC EX platform. By early 2026, cumulative issuance had reached approximately ¥1 billion to ¥1.3 billion — meaning AZ-COM's ¥1 billion investment is roughly equal to the entire existing supply of the token.

The logistics rollout differs from smaller consumer pilots because it involves thousands of businesses and independent drivers receiving payments through the same stablecoin system. If implemented at the reported scale, it would test JPYC's ability to handle regular corporate settlement rather than isolated retail purchases. The companies have not yet disclosed a detailed rollout schedule or explained how each partner will receive, hold or convert the tokens — details that will determine whether drivers and carriers use JPYC as a medium of exchange or immediately redeem it for yen.

JPYC's expanding footprint beyond logistics

JPYC is gaining wider use across Japan's economy. Lawson tested JPYC payments at a Tokyo convenience store in August 2025 through a point-of-sale system that lets customers pay using a smartphone-linked wallet. Metaplanet and JPYC recently began studying Bitcoin-backed credit products that could use JPYC for lending and settlement, examining how Bitcoin collateral and yen-denominated stablecoin liquidity could work together. LINE NEXT plans to support JPYC through Unifi Pay, a stablecoin payment service scheduled for a wider launch in the third quarter, letting users in Japan top up local stablecoins from bank accounts after identity checks.

Sony Bank's involvement as a strategic partner hints at how the token could eventually reach retail consumers, with drivers paid in JPYC potentially able to spend it directly at merchants integrated through Sony Bank's payment infrastructure.

What this means for Japan's stablecoin market

JPYC's stated goal is to reach ¥10 trillion in circulation within three years, up from roughly ¥1 billion today. AZ-COM's ¥1 billion investment and 2,300-partner network could create significant demand for the token, potentially driving its market cap and usage. The move may also pressure other Japanese corporates to adopt stablecoin solutions, boosting the broader Japanese crypto and Web3 ecosystem.

Japan is tightening rules around stablecoin reserves as adoption grows. Regulators have set conditions for government bonds held as reserve assets, and JPYC has said it plans to keep most reserve proceeds in Japanese government bonds and the remainder in bank deposits. AZ-COM's planned rollout arrives as JPYC moves into retail payments, lending experiments and broader payment infrastructure, providing one of the clearest tests yet of whether a regulated yen stablecoin can work in everyday business settlement.

This article is for informational purposes only and does not constitute investment advice.