JPYC Lists on Upbit Amid Circulating Supply Decline
The yen-pegged stablecoin JPYC has listed on South Korea's largest cryptocurrency exchange Upbit, marking its first appearance in a Korean won-denominated trading market. The listing coincided with the debut of PYUSD, the U.S. dollar-pegged stablecoin from PayPal, and both assets are now tradable across three markets: South Korean won (KRW), Bitcoin (BTC), and Tether (USDT). Noritaka Okabe, CEO of JPYC Co., Ltd., noted that the ¥1 million issuance and redemption cap applicable in Japan does not apply to overseas exchanges, which he sees as a significant opportunity.
The listing was initially scheduled for 12:00 p.m. Japan time for PYUSD and 6:00 p.m. for JPYC, but was pushed back due to unspecified reasons. Upbit will only accept the Ethereum version of JPYC for deposits and withdrawals, despite it being issued on multiple chains including Avalanche, Polygon, and Kaia.
JPYC Co., Ltd. registered as a funds transfer service provider in August 2025 and began issuing JPYC as an electronic payment instrument under the Payment Services Act on October 27 of that year. The company's circulating supply has been declining since late August, with total circulating supply standing at approximately 1,899.63 million JPYC as of September 17.
The listing could mark a turning point in which Japan's payment infrastructure is utilized across borders. If overseas trading demand for JPYC expands, it could also influence Japan's domestic regulatory design.