JPYC Inc., issuer of Japan's yen-pegged stablecoin, paused new token minting on Ethereum and Polygon after a glitch was found. This coincided with a listing on South Korea's Upbit exchange, causing demand to spike while supply was frozen. As a result, JPYC's price surged to about three times its peg, breaking the usual arbitrage mechanism. JPYC is investigating the issue and has apologized, highlighting risks in multi-chain stablecoin operations when minting is disrupted.
JPYC's recent halt on Ethereum and Polygon issuance reservations follows a notable market snapshot from Pluang. For readers following cryptocurrency trends, here is Pluang's market snapshot as of Sep 17, 2026 20:23 WIB: out of 50 major cryptocurrencies priced on Pluang, 46 rose and 3 fell. Notable movers include UNI at Rp123.975 with an 11.53% increase and a Pluang order activity of 82% Sell / 18% Buy, BAL at Rp16.297 up 11.14%, and SUSHI at Rp3.921 rising 8.69% with 100% Buy activity.
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