A Japanese logistics company that counts Amazon Japan as a client plans to settle payments in the regulated yen stable currency JPYC with business partners, including independent truck drivers, according to a Nikkei Asia report.
Tokyo-listed AZ-COM Maruwa Holdings (9090), which reported revenue of 230.5 billion yen ($1.4 billion) for the fiscal year ended March, plans to use JPYC for fees and other payments for its network of about 2,300 partners, including contractors and truck drivers. The company has worked with Amazon Japan since 2017, providing delivery services for its online shopping operations.
The move marks a company’s first large-scale use of a stablecoin in its daily operations in Japan, signaling that widespread adoption of tokenized assets continues to grow even as broader cryptocurrency valuations remain subdued in a persistent bear market.
JPYC is Japan’s first fully regulated, yen-pegged stablecoin, and is issued by Tokyo-based financial technology company JPYC Inc.. The stablecoin debuted in October last year under the Payment Services Act and maintains a strict 1:1 peg to the yen. It is 100% backed by bank deposits and Japanese government bonds. Last week, its channel circulation exceeded 2 billion yen.
