JPYC halts Ethereum and Polygon issuance reservations after glitch

JPYC Inc., the issuer of Japan’s yen-pegged stablecoin, suspended issuance reservations on both Ethereum and Polygon on September 17 after discovering a glitch in its minting process. The timing could not have been worse: the pause landed on the same day South Korean exchange Upbit began listing the token, creating a perfect storm of surging demand and frozen supply. The result was predictable. Secondary market prices for JPYC, a token designed to trade at 1 JPY, reportedly spiked to approximately 3 JPY. What happened and why it matters JPYC Inc. initially paused issuance reservations only on Ethereum after confirming the glitch. Shortly after, the company extended the freeze to the Polygon network as well, signaling the problem was not isolated to a single chain deployment. The company issued a public apology to users and said it was actively investigating the root cause. As of the announcement, no technical explanation for the disruption had been provided. JPYC operates through its JPYC EX platform, which allows users to mint and redeem tokens at a 1:1 ratio with the Japanese yen. Each issuance request is capped at 1 million JPY per transaction, roughly $6,700 at current exchange...