JPYC, a yen-pegged stablecoin approved by Japanese financial authorities, surged 197.5% to 35.7 Korean won 40 minutes after Upbit began trading it at 6 p.m. the previous day. The token later fell to about 8 won, close to the 8.8 won implied by the yen-to-won exchange rate. Upbit had initially blocked deposits and withdrawals, restricting trading to its internal liquidity, while about 120 billion won in buying pressure entered the market. Deposits and withdrawals resumed at 6:50 p.m., and CoinMarketCap recorded another simultaneous price increase. JPYC traded exclusively on Upbit among global virtual asset exchanges, with 90% of its volume occurring there as of September 18. A post on X claimed Japanese investors exchanged JPYC for USDC through Uniswap, a decentralized exchange that enables direct wallet-to-wallet swaps, and secured a 2x profit.