Upbit has delayed the start of JPYC trading by three hours on September 17, moving the yen-backed stablecoin's scheduled launch from 12:00 p.m. to 3:00 p.m. KST across its KRW, BTC and USDT markets. According to reports from Upbit, the exchange updated its listing notice at 11:50 a.m. KST and changed only JPYC's start time, with no specific reason given for the delay. The delay affects all three JPYC markets announced by Upbit, with customers able to trade JPYC against the South Korean won, Bitcoin and Tether once trading begins.
Upbit has identified the supported Ethereum JPYC contract as 0xE7C3D8C9a439feDe00D2600032D5dB0Be71C3c29, warning customers to verify the network and contract before transferring funds as unsupported deposits may require a lengthy return process. For pricing controls, Upbit used CoinMarketCap data when setting initial trading restrictions, showing JPYC at 8.81 won at 9:40 a.m. KST on September 17, compared with a previous closing reference of 8.78 won. The exchange applies several controls during opening periods, including blocking buy orders for roughly five minutes after trading starts and restricting sell orders priced more than 10% below the previous closing reference for approximately the same period.
PayPal USD appeared in the same original listing announcement but retained its noon start time after Upbit's 11:50 a.m. update named only JPYC when changing the schedule. According to reports from Upbit, PYUSD is available with KRW, BTC and USDT markets included, with deposits and withdrawals limited to Ethereum under this listing. The exchange identified the supported PYUSD token contract as 0x6c3ea9036406852006290770bedfcaba0e23a0e8, with PayPal describing PYUSD as a dollar-denominated stablecoin redeemable 1:1 for U.S. dollars and backed by U.S. dollar reserves and cash equivalents.
JPYC Inc. received registration as a funds-transfer service provider under Article 37 of Japan's Payment Services Act on August 18, 2025, with the company listing its registration as Kanto Local Finance Bureau No. 00099. As reported by JPYC, the company formally launched the current JPYC stablecoin and its JPYC EX issuance and redemption service in October 2025, with the token designed to track the yen at 1:1 and backed by yen-denominated deposits and Japanese government bonds. The company has since expanded beyond issuance and redemption, with on-chain circulation passing 2 billion yen and cumulative issuance above 3 billion yen as of July 10.
Retail payment tests have provided additional use cases for JPYC, with Japanese convenience-store operator Lawson expanding stablecoin payment tests in August to include JPYC, USDC and USDT at Tokyo stores using existing point-of-sale systems. According to Upbit's trading guide, the exchange requires customers to use supported virtual asset service providers or personally verified wallet addresses for deposits subject to travel-rule procedures, with large deposits with unclear origins potentially leading to information requests about fund sources. The exchange maintains minimum orders of 5,000 won in its KRW market, 0.00005 BTC in its Bitcoin market and 0.5 USDT in its Tether market, with daily market data calculated from midnight UTC corresponding to 9:00 a.m. KST.
