JPYC breaks yen parity after Upbit listing
- —At its peak JPYC traded at $0.02145 — about 3.32 yen at a rate of 155 yen per dollar
- —The issuer temporarily halted JPYC issuance on Ethereum and Polygon on September 17
- —Onchain JPYC supply grew by roughly 2.36 billion yen in a day around the listing
- —Issuance and redemption via JPYC EX are capped at 1 million yen per transaction
Why it matters: The case shows that liquidity and bridges matter more than formal parity: even a fully backed stablecoin can drift when demand surges on a new exchange.
Source: CoinPost