JPYC Lists on Upbit, Bringing Yen-Denominated Stablecoin to South Korea's Largest Exchange

The yen-pegged stablecoin JPYC will list on South Korea's largest crypto asset exchange, Upbit, on September 17. Trading in KRW, BTC, and USDT markets is expected to begin simultaneously with PayPal-affiliated dollar stablecoin PYUSD. This marks the first time a yen-denominated stablecoin has listed on a major South Korean exchange.

JPYC's trading start was initially scheduled for 12:00 PM Japan time, but it was delayed to 6:00 PM due to technical issues. The Ethereum network is the only supported blockchain for deposits and withdrawals, with no support for transfers via other chains. This means that JPYC held on other chains cannot be directly transferred to the exchange.

JPYC Inc., the issuer of the stablecoin, registered as a funds transfer service provider in August 2025 and began issuing JPYC on October 27 of the same year. The company's representative director, Noritaka Okabe, expressed hope that this listing could serve as a catalyst for revising the domestic ¥1 million issuance and redemption cap.

As the circulating supply of JPYC has been declining since late August, particularly on Kaia, the key focus is whether overseas trading demand will drive new JPYC issuance and push overall circulating supply back into growth. With the listing adding a new pathway to purchase JPYC directly with South Korean won, it remains to be seen how this will impact the stablecoin's future growth.