JPYC stablecoin surges on Upbit listing, experiences significant price deviation

The Japanese yen-pegged stablecoin JPYC, issued by JPYC Inc., saw its price spike significantly on the South Korean exchange Upbit shortly after its listing on September 17. The token, which typically maintains a 1:1 peg with the yen, reached as high as approximately 4.14 JPY on Upbit, creating a massive price discrepancy compared to its redemption value. While the price later corrected toward 1 JPY, the volatility prompted Upbit to issue a warning regarding redemption constraints for South Korean users and potential market price deviations. JPYC Inc. temporarily suspended issuance reservations on Ethereum and Polygon during the event, though services were later restored. The exact cause of the price surge remains unclear.