Yen-Pegged Stablecoin JPYC to List on South Korea's Upbit, Trading in KRW, BTC, and USDT Markets

The yen-pegged stablecoin "JPYC" will list on Upbit, South Korea's largest crypto asset exchange, on September 17. Trading will commence simultaneously with PayPal-affiliated dollar stablecoin "PYUSD," with both assets available across three markets: South Korean won (KRW), Bitcoin (BTC), and USDT. This marks the first time a yen-denominated stablecoin has listed on a major South Korean exchange.

Trading is scheduled to begin at 12:00 PM Japan time for PYUSD and 6:00 PM Japan time for JPYC on the same day. According to Upbit's official announcement, JPYC's trading start was initially scheduled for 12:00 PM, then pushed back to 3:00 PM, and ultimately delayed to 6:00 PM. Ethereum (ETH) is the only supported network for deposits and withdrawals for both assets, with no support for transfers via other chains.

JPYC is issued on multiple blockchains including Ethereum, Avalanche, Polygon, and Kaia. Since Upbit will only support the Ethereum version, JPYC held on other chains cannot be directly transferred to the exchange.

Hopes for Revising Issuance and Redemption Caps

JPYC is classified as an "Electronic Payment Instrument" under Japan's Payment Services Act, giving it a distinct legal status from crypto assets. Issuer JPYC Inc. registered as a funds transfer service provider in August 2025 and began issuing JPYC on October 27 of the same year. Domestically, JPYC is primarily obtainable through the company's issuance and redemption platform "JPYC EX."