A Japanese logistics giant just doubled the entire supply of the country’s first regulated yen stablecoin. In one move.

AZ-COM Maruwa Holdings, a major third-party logistics provider and Amazon delivery partner in Japan, is deploying the JPYC stablecoin to pay roughly 2,300 subcontractors and independent drivers. The company is backing the initiative with a ¥1 billion investment, a figure that approximately matches the entire prior cumulative issuance of JPYC, which sat between ¥1 billion and ¥1.3 billion before this deal.

What JPYC actually is

JPYC launched on October 27, 2025, as Japan’s first regulated yen-pegged digital asset. It maintains a 1:1 peg to the Japanese yen, backed by bank deposits and Japanese government bonds.

The stablecoin operates on public blockchains including Avalanche, Ethereum, and Polygon. Under Japan’s Payment Services Act, it’s classified as a prepaid payment instrument.

Why a logistics company cares about stablecoins

AZ-COM Maruwa Holdings, listed on the Tokyo Stock Exchange under code 9090, was established in 1970. It’s one of Japan’s recognized major logistics firms, handling the kind of sprawling subcontractor network that makes traditional payment infrastructure look like it was designed in the Stone Age.

This initiative is being described as potentially the first significant corporate application of a regulated digital asset in Japan.

What this means for investors

Japan has historically operated as crypto’s most cautious major market. The country tightened regulations significantly after the Mt. Gox collapse in 2014 and the Coincheck hack in 2018.

The fact that AZ-COM Maruwa’s investment roughly doubled JPYC’s total supply also raises a practical question about scalability. If two or three more companies of similar size decide to adopt JPYC, the stablecoin’s infrastructure and reserve management will need to scale rapidly.