JPYC Corporation temporarily halted the issuance reservation of its yen stablecoin on the Ethereum network, stating that the reason is under investigation and will be announced once clarified. Multiple users reported being unable to complete issuance and identity verification, and inquired whether other chains like Polygon were similarly closed.

The suspension was prompted by abnormal secondary market quotes: screenshots indicated that 1 million JPYC surged to about $21,300, allowing a single exchange to yield approximately 3.31 million yen, far exceeding the face value calculated at the exchange rate, sparking discussions on the pricing mechanism and centralized issuance controls. The issuance reservation is the step for users to apply for new minting corresponding to reserve yen; shutting it down equates to halting new supply, while already circulating tokens can still be transferred.

On the same day, the company launched on Upbit in South Korea. Subsequently, an official notice stated that the Ethereum issuance reservation had been restored, while the Polygon reservation remained suspended. Existing balances and transfers were not announced as invalid. The yen stablecoin is redeemable against fiat reserves, and secondary premiums can only be narrowed through new minting and redemption channels; once the channel is closed, the premium will temporarily become a quote without counterparties.

Mechanically, this is a minting gate event: halting reservations cuts off the supply side of the arbitrage loop, leaving secondary buyers temporarily facing no increments. Beneficiaries are addresses that already hold circulating JPYC and can sell at a premium; those under pressure are new users who have completed verification but cannot mint, as well as pools that need to market-make in thin liquidity. Funds are waiting between the premium trading exchanges and the official minting channels to see which side realigns to face value first.

Source: Public Information