CoinDesk
Tokyo-listed AZ-COM Maruwa Holdings (9090), an Amazon Japan delivery partner since 2017, plans to pay roughly 2,300 subcontractors and truck drivers using the regulated yen stablecoin JPYC. The company reported 230.5 billion yen ($1.4 billion) in revenue for the fiscal year ended March and is preparing to settle fees, wages and other partner payments through JPYC's onchain rails. Nikkei Asia reports the company is also weighing a 1 billion yen investment in JPYC and a formal business partnership with its issuer, Tokyo-based JPYC Inc.
JPYC, Japan's first fully regulated yen-pegged stablecoin, debuted in October 2024 under the Payment Services Act and maintains a strict 1:1 peg to the yen, backed by bank deposits and Japanese government bonds. Onchain circulation surpassed 2 billion yen last week, and the Maruwa plan arrives days after convenience store giant Lawson announced a JPYC payment pilot at its Takanawa Gateway City store in Tokyo from early August.
Why it matters
The move marks the first large-scale corporate use of a regulated stablecoin in day-to-day operations in Japan, taking the token from consumer retail experiments to B2B settlement in a matter of days. JPYC's regulator-supervised status under the Payment Services Act is the structural differentiator versus offshore USD stablecoins: corporate treasurers and large logistics networks can move working capital onchain without crossing the compliance line that has kept most Japanese corporates on legacy rails. The Labor shortage, an aging workforce and tighter overtime rules have made near-instant, fee-free settlement into driver and small-carrier accounts a real operational need rather than a novelty, and Maruwa is positioning itself as the early-mover employer of choice for contracted drivers.
Market impact
The headline token here is JPYC itself, a regulated yen instrument rather than a tradeable crypto asset, but the read for the broader stablecoin complex is constructive. Japan's regulated framework gives corporate users a compliant onchain yen they can audit and redeem, which is the wedge that has been missing in most Asia-Pacific markets.
Frequently asked questions
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What is JPYC and how is it regulated in Japan?
JPYC is Japan's first fully regulated yen-pegged stablecoin, issued by Tokyo-based JPYC Inc. It debuted in October 2024 under the Payment Services Act, maintains a strict 1:1 peg to the yen, and is 100% backed by bank deposits and Japanese government bonds. Onchain circulation surpassed 2 billion yen last week.
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How will AZ-COM Maruwa use JPYC in its operations?
AZ-COM Maruwa Holdings (9090), an Amazon Japan delivery partner since 2017, plans to settle fees, wages and other payments with roughly 2,300 partners, including subcontractors and truck drivers, using JPYC. Nikkei Asia reports the company is also weighing a 1 billion yen investment in JPYC Inc. and a formal business…
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Why is this a milestone for stablecoin adoption in Japan?
The plan marks the first large-scale corporate use of a regulated stablecoin in day-to-day operations in Japan, moving the asset class from consumer retail experiments to B2B settlement within days. JPYC's regulator-supervised status under the Payment Services Act lets corporate treasurers move working capital onchain…
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What operational problem is Maruwa trying to solve?
Japan faces driver shortages, an aging workforce and tighter overtime regulations, which have made contracting work less attractive. Maruwa says near-instant, fee-free settlement into driver and small-carrier accounts via stablecoin can improve cash flow and make contracting work more competitive.
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What other JPYC adoption signals has Japan seen recently?
Convenience store giant Lawson announced a JPYC payment pilot at its Takanawa Gateway City store in Tokyo from early August. Combined with Maruwa's plan, the moves signal rapid mainstream momentum for regulated stablecoins in Japan, transitioning from retail experiments to large-scale B2B corporate payments.
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