Upbit has delayed the start of JPYC trading by three hours on Sept. 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.
- Upbit delayed JPYC trading by three hours, moving launch from noon to 3 p.m. KST.
- JPYC will trade against KRW, BTC and USDT, with Ethereum supporting deposits and withdrawals only.
- PYUSD kept its noon schedule while Upbit’s delay notice applied only to JPYC trading support.
- Upbit restricts buying for five minutes and limits order types during newly listed asset launches.
- JPYC began regulated issuance in 2025 after its operator registered as a Japanese funds-transfer provider.
Upbit said in its Sept. 17 listing notice that the original support plan covered both JPY Coin (JPYC) and PayPal USD (PYUSD), with trading initially set to begin at noon. The exchange updated the notice at 11:50 a.m. KST and changed only JPYC’s start time. Upbit did not give a specific reason for the delay in that update.
At 1:58 p.m. KST, the latest public update reviewed still showed JPYC trading scheduled for 3:00 p.m. KST. Upbit had not posted a second postponement at that point. Public listing trackers had already registered JPYC/KRW, JPYC/BTC and JPYC/USDT as newly added pairs, but the exchange’s notice sets the official start of trading support.
JPYC trading on Upbit moves to 3 p.m. KST
The delay affects all three JPYC markets announced by Upbit. Once trading begins, customers will be able to trade JPYC against the South Korean won, Bitcoin and Tether. Upbit said deposits and withdrawals will use the Ethereum network, with other JPYC networks outside the scope of the listing notice.
Upbit identified the supported Ethereum JPYC contract 0xE7C3D8C9a439feDe00D2600032D5dB0Be71C3c29. The exchange warned customers to verify the network and contract before transferring funds because unsupported deposits may require a lengthy return process.
For pricing controls, Upbit used CoinMarketCap data when setting its initial trading restrictions. Its notice showed JPYC at 8.81 won at 9:40 a.m. KST on Sept. 17, compared with a previous closing reference of 8.78 won. Those figures were reference prices published before Upbit JPYC trading began and do not represent a post-listing market reaction.
Upbit’s general trading guidance explains that new assets do not have a previous Upbit closing price on their first trading day. Once trading starts, the platform uses the first executed price when calculating the day’s change for newly supported assets.
PYUSD schedule remained unchanged after JPYC delay
PayPal USD appeared in the same original listing announcement, but Upbit’s 11:50 a.m. update named only JPYC when changing the schedule. PYUSD therefore retained the noon start time stated in the original notice, with KRW, BTC and USDT markets included.
Deposits and withdrawals for PYUSD are limited to Ethereum under this Upbit listing. The exchange identified the supported token contract as 0x6c3ea9036406852006290770bedfcaba0e23a0e8.
PayPal describes PYUSD as a dollar-denominated stablecoin redeemable 1:1 for U.S. dollars.PayPal’s current PYUSD information says Paxos issues the token and backs it with U.S. dollar reserves and cash equivalents. PayPal’s terms list Ethereum, Solana, Arbitrum and Stellar among supported PYUSD networks, though Upbit is accepting only Ethereum transfers for its new markets.
PayPal, M0 and MoonPay had launched the PYUSDx framework, which lets businesses issue customized tokens backed by PYUSD. The report said Saturn, Concrete and Cap were the first projects using the platform.
Upbit limits early orders and Ethereum transfers
Upbit applies several controls during the opening period for newly listed assets. The exchange said buy orders are blocked for roughly five minutes after trading starts. Sell orders priced more than 10% below the previous closing reference are restricted for roughly the same period.
For approximately two hours after launch, only limit orders are available. Upbit blocks other order types and conditions during that window. The rules apply when each asset’s trading support begins, meaning JPYC’s restrictions start from its revised opening time.
Upbit requires customers to use supported virtual asset service providers or personally verified wallet addresses for deposits subject to its travel-rule procedures. Large deposits with unclear origins can lead to requests for information about the source of funds, according to the exchange notice.
The exchange’s trading guide lists 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. Upbit calculates its daily market data from midnight UTC, corresponding to 9:00 a.m. KST.
JPYC arrives after Japan’s regulated stablecoin rollout
JPYC Inc. received registration as a funds-transfer service provider under Article 37 of Japan’s Payment Services Act on Aug. 18, 2025. The company lists its registration as Kanto Local Finance Bureau No. 00099.JPYC’s registration announcement said the status allowed it to issue a yen-linked electronic payment instrument redeemable against Japanese currency.
The company formally launched the current JPYC stablecoin and its JPYC EX issuance and redemption service in October 2025. JPYC said the token is designed to track the yen at 1:1 and is backed by yen-denominated deposits and Japanese government bonds.
JPYC has since expanded beyond issuance and redemption. The issuer said on July 10 that on-chain circulation had passed 2 billion yen, while an earlier June update put cumulative JPYC EX account openings above 19,000 and cumulative issuance above 3 billion yen.
Retail payment tests have provided another use case. Japanese convenience-store operator Lawson expanded a stablecoin payment test in August to include JPYC, USDC and USDT at Tokyo stores. The trial used existing point-of-sale systems to process wallet-based payments.
In another JPYC deployment,crypto.news reported in July that AZ-COM Maruwa Holdings planned to use the yen stablecoin for payments involving roughly 2,300 business partners, including transport contractors.
JPYC Inc. says its regulated token is available across Ethereum, Avalanche and Polygon. Upbit’s Sept. 17 support, however, accepts only the Ethereum version for deposits and withdrawals, with JPYC trading scheduled to begin at 3:00 p.m. KST following the three-hour postponement.
