Japan’s stablecoin story just moved out of the pilot lane and onto the highway. Logistics giant AZ-COM Maruwa Holdings, the company that carries the bulk of Amazon Japan’s last-mile deliveries, will begin paying its network of about 2,300 transport contractors and independent drivers in JPYC, the yen-pegged stablecoin issued by Tokyo-based fintech JPYC Inc.
According to a report by Nikkei, AZ-COM Maruwa is signing a business alliance with JPYC Inc. and putting up 1 billion yen (about $6.7 million) as part of the tie-up. The company confirmed that this will be the first large-scale corporate use of JPYC in Japan, giving the token its most meaningful commercial footprint since it went live under the country’s revised Payment Services Act.
Instead of routing every carrier settlement through traditional bank rails, AZ-COM Maruwa plans to send digital yen directly to the wallets of its delivery partners. For carriers who often deal with tight cash flow cycles and end-of-month bank cut-offs, on-chain settlement in a fully backed yen token can shorten the wait between a delivery run and money hitting a usable wallet.
Details of the Rollout
Under the plan, driver and carrier settlements that currently move through conventional bank transfers will be routed on-chain in JPYC, a token pegged one-to-one to the Japanese yen. AZ-COM Maruwa’s counterparties include small trucking companies and self-employed drivers who deliver Amazon parcels across the country.
The 1 billion yen commitment also positions AZ-COM Maruwa as a strategic backer of JPYC Inc., alongside earlier Series B investors including Metaplanet, bitFlyer Holdings, Sumitomo Life Insurance and NCB Venture Capital, which together contributed to the issuer’s roughly 4.6 billion yen fundraising round.
What is JPYC and Why Regulators Blessed It
JPYC is a 1:1 yen-pegged stablecoin issued by JPYC Inc., a Tokyo-based fintech registered as a Type II Fund Transfer Service Provider with Japan’s Financial Services Agency. The token went live on October 27, 2025, and is currently available on Ethereum, Avalanche, Polygon, and Kaia.
Every token in circulation is fully collateralized with yen bank deposits and Japanese government bonds, in line with the framework introduced under Japan’s 2023 amendment to the Payment Services Act. Users mint and redeem the token through the company’s dedicated platform, JPYC EX, after completing identity verification via the My Number Card system.
On-chain circulation of JPYC crossed 2 billion yen in July 2026, with about 19,000 accounts on JPYC EX. JPYC Inc. has stated that its longer-term goal is to reach 10 trillion yen, or about $65 billion, in circulation within three years.
Japan’s Wider Stablecoin Push
The AZ-COM Maruwa deal comes as Japanese banks, fintech firms and retailers accelerate work on regulated stablecoins. MUFG, SMBC and Mizuho are jointly developing a yen stablecoin and have begun proof-of-concept transactions under the FSA’s Payment Innovation Project, with live commercial use targeted for fiscal 2026.
SBI Holdings and Startale have launched JPYSC, the country’s first trust-type yen stablecoin, through SBI VC Trade. Credit card network JCB is running a joint pilot with Circle to explore USDC-based settlement.
On the retail side, Lawson, Japan’s third-largest convenience store chain, is set to run a POS-linked JPYC trial in early August 2026 at its Takanawa Gateway City store in Tokyo, together with KDDI and HashPort. Okonomiyaki restaurant chain Chibo began accepting JPYC at selected outlets in April.
Most of these initiatives have focused on consumer checkouts or interbank settlement. AZ-COM Maruwa’s move is the first that applies the token to recurring B2B payouts within a nationwide logistics network, a use case Japanese authorities and industry participants have flagged as central to broader stablecoin adoption.
Also Read: Visa Debuts Stablecoin Platform With Initial OpenUSD Support
