JPYC restores stablecoin issuance reservation on Ethereum, Polygon remains down

JPYC, the issuer of Japan’s first licensed yen stablecoin, said on Thursday that it has restored the issuance-reservation function on Ethereum after a temporary shutdown. 

Meanwhile, the same function on Polygon remains offline. 

A disruption hit the process users rely on to mint new tokens on the same day that JPYC made its South Korean trading debut on Upbit.

Is JPYC active on Ethereum? 

JPYC Co., the issuer of Japan’s first licensed yen stablecoin, posted a sequence of service notices to its official X account throughout the day. First, it flagged that issuance reservations on Ethereum had been suspended while it investigated the cause, then it later posted a matching notice for Polygon. 

The update as of the time of writing is that only the Ethereum network’s reservation function is working again. 

Issuance reservation is the step through which a user requests newly minted JPYC before it is issued against yen the company holds in reserve. When it is paused, holders cannot create fresh tokens on the affected network. 

The outage notices posted by JPYC did not mention any effect on transfers or existing balances, but regardless, the issuer apologized to users in each notice and said it would share details as its investigation progressed. 

The cause of the disruption is yet to be revealed, but it arrived on the same day that JPYC was listed on Upbit, South Korea’s largest exchange. The listing represents the first time a yen-pegged stablecoin has traded on a Korean venue. 

Following the debut, JPYC briefly traded at 27.2 won, more than triple the roughly 8.81 won global reference price Upbit cited in its listing notice, before easing into the 23-won range.

The listing leans entirely on the Ethereum network as Upbit only accepts deposits and withdrawals for the token over Ethereum, even though JPYC also circulates on Polygon, Kaia, and Avalanche. 

How is the JPYC stablecoin performing? 

JPYC launched in October 2025 as Japan’s first stablecoin registered under the country’s fund-transfer licensing rules, holding a one-to-one peg to the yen backed by yen deposits and Japanese government bonds. 

Cryptopolitan reported that the stablecoin has drawn steady corporate money, closing a Series B extension worth about 6 billion yen ($38 million) in August with logistics group AZ-COM Maruwa Holdings among its backers. 

Notably, the token’s circulation has been slipping. Total supply stood near 1.9 billion JPYC on Thursday morning, down from about 1.92 billion the prior day, and has been falling since late August, mostly on Kaia. 

JPYC’s CEO Noritaka Okabe said the ¥1 million (about $6,400) issuance and redemption cap that applies inside Japan does not apply to overseas exchanges, giving the token an opening for global markets.