JPYC Halts Minting Amid Price Surge Following South Korean Exchange Listing

JPYC Inc., the issuer of Japan's yen-pegged stablecoin, halted new token minting on Ethereum and Polygon due to a glitch. This disruption coincided with the listing of JPYC on South Korea's Upbit exchange, causing a surge in demand while supply was frozen. As a result, JPYC's price spiked to about three times its peg, disrupting the usual arbitrage mechanism.

JPYC is investigating the issue and has apologized for any inconvenience caused. The company highlighted the risks associated with multi-chain stablecoin operations when minting is disrupted.