Japanese stablecoin issuer JPYC has raised $38 million.

JPYC Inc., the issuer of the eponymous stablecoin, has raised 6 billion yen ($38 million) in an extended Series B funding round. An additional 1 billion yen ($6.3 million) was invested by logistics company AZ-COM Maruwa.

The funds will be used to develop JPYC’s financial and Web3 ecosystem and expand the use of the stablecoin. AZ-COM Maruwa plans to use JPYC for settlements with approximately 2,300 business partners and contractors.

JPYC was launched last year as Japan’s first registered stablecoin.