JPYC, Japan’s first licensed yen stablecoin, began trading on South Korea’s largest cryptocurrency exchange, Upbit, on September 17 with a JPYC/KRW reference price of 8.81 won. The token was pegged to 1 yen but quickly rose past 3 yen amid intense retail demand and limited supply, reaching 35.7 won and briefly about 37 won. An earlier report put the peak at 37.6 won, before the price moved back toward its 1:1 yen reference value. JPYC minted 1.687 billion yen on the listing day, and its circulating supply rose from about 1.9 billion yen to more than 4.2 billion yen within roughly 48 hours. The initial premium was also linked to restricted redemption and transfer routes and a shortage of domestic market makers. Deposits and withdrawals initially operated only through Ethereum, with Kaia and Polygon added later, while some network issuance reservations were temporarily suspended. Dailyian reported on September 19 that JPYC was trading at 8.64 won.