JPYC Stablecoin Resumes Ethereum Issuance After Brief Outage

JPYC Co., the issuer of the yen-pegged stablecoin JPYC, restored Ethereum issuance reservations on September 17, following a brief suspension. The move came after the token's debut on South Korea's Upbit exchange, where it briefly traded at more than triple its reference price.

The outage affected both Ethereum and Polygon, with Polygon reservations remaining offline despite the restoration of Ethereum issuance reservations. According to JPYC Co., the cause of the issue remains unknown, and an investigation is ongoing.

Listing-day demand on Upbit drove prices higher, with JPYC reaching 27.2 won against a global reference price of 8.81 won. This gap matters as yen stablecoins move offshore, particularly in South Korea where its own stablecoin rules are unfinished.