Upbit Postpones JPYC Trading Launch
Upbit, a prominent cryptocurrency exchange, has postponed the trading initiation for JPYC by three hours on September 17, moving its original launch from noon KST to 3:00 p.m. KST. The change, which affects market pairings including JPYC/KRW, JPYC/BTC, and JPYC/USDT, was announced shortly before the original start time in an updated notice issued at 11:50 a.m. KST. While the exchange noted the delay in trading exclusively for JPYC, it did not provide a particular rationale for the shift.
Trading Details and Mechanisms
As of 1:58 p.m. KST, the latest information still indicated a 3:00 p.m. commencement time for JPYC trading, with no further updates suggesting additional delays. Trading pairs have been established and registered on public listing trackers, but it is the official notice from Upbit that confirms the trading commencement details.
Once trading is available, Upbit users can trade JPYC against the South Korean won, Bitcoin, and Tether. For transaction processing, deposits and withdrawals will utilize the Ethereum network, as other networks for JPYC are not included in the trading announcement. The specific Ethereum contract for JPYC has been identified as 0xE7C3D8C9a439feDe00D2600032D5dB0Be71C3c29. Upbit has cautioned users to ensure they are using the correct network and contract for their transactions, as deposits made with unsupported networks may face delays in recovery.
Initial Trading Restrictions
Prior to the commencement of trading, Upbit has implemented mechanisms using CoinMarketCap data to establish initial trading restrictions. On September 17, JPYC was priced at 8.81 won around 9:40 a.m. KST, compared to a closing reference of 8.78 won prior to trading. Notably, these prices are indicative and do not reflect market activity post-listing. According to Upbit’s trading policy, newly added assets start without a prior closing price, with subsequent trading prices defining daily price changes.
The initial schedule also included references to PayPal USD (PYUSD). However, in the update issued by Upbit, only the trading timeline for JPYC was adjusted while PYUSD retained its original noon launch time. Like JPYC, deposits and withdrawals for PYUSD will be conducted exclusively via Ethereum, with the contract identified as 0x6c3ea9036406852006290770bedfcaba0e23a0e8. PYUSD is designed as a stablecoin, pegged 1:1 to the U.S. dollar, and is backed by liquidity provided by Paxos, among other assets.
Temporary Trading Restrictions and Compliance
Additionally, Upbit has stipulated temporary trading restrictions for newly listed assets. For the initial five minutes post-launch, buy orders will not be permitted, and sell orders below 10% of previous closing prices will also encounter restrictions. Limit orders will operate exclusively for the first two hours, blocking other types of orders during this period. These measures will specifically apply to the newly launched JPYC as it begins trading at its revised opening time.
Moreover, users are required to employ verified wallet addresses or supported virtual asset service providers for their deposits due to travel rule stipulations. The exchange will investigate large deposits of unclear origin for compliance purposes.
Order Volumes and Market Changes
As for order volumes, Upbit’s minimum thresholds are set at 5,000 won for the KRW market, 0.00005 BTC for Bitcoin, and 0.5 USDT for Tether. Daily market changes are calculated from midnight UTC, aligning with 9:00 a.m. KST.
Background on JPYC
In an interesting context, JPYC Inc. became registered as a funds-transfer service provider in Japan in August 2025, allowing it to issue a yen-backed digital payment mechanism which formally launched in October of the same year. The JPYC stablecoin is designed to mirror the value of the yen 1:1, backed by yen deposits and Japanese government securities. Since its introduction, the circulation and adoption have seen exponential growth, with thousands of accounts opened and significant overall issuance metrics.
With recent trials by businesses like Japanese convenience store chain Lawson and partnerships involving prominent financial entities, the use case for JPYC continues to expand within the digital payment ecosystem. Upbit’s support for JPYC focuses solely on the Ethereum-compatible version, with trading expected to officially open today at the newly rescheduled time of 3:00 p.m. KST.
