JPYC, a Japanese yen-linked stablecoin, was listed on South Korea's largest cryptocurrency exchange, Upbit, on the 17th. After trading began, its secondary-market price diverged from the expected level of 1 JPYC to 1 yen, briefly reaching $0.02145, according to CoinGecko. At an exchange rate of 155 yen to the dollar, that equals about 3.32 yen. JPYC's issuance and redemption window continued to operate at 1 yen per JPYC. Issuance reservations were temporarily suspended but recovered within several hours.