JPYC, a Japanese yen stablecoin regulated as an electronic payment instrument under Japan’s Payment Services Act, briefly traded far above its intended value after listing on South Korea’s Upbit on Sept. 17. The token opened at 12 won and climbed to 37.6 won within less than 90 minutes, equal to about 4.2 yen based on the day’s exchange rate of roughly 8.86 won per yen. It later fell back to 8.88 won, close to its 1 yen target. The price move came as Upbit initially allowed deposits only on Ethereum, where on-chain data cited by CoinPost showed just about 133 million JPYC, or 7% of the roughly 1.9 billion supply, was available before the listing. Upbit later added Polygon and Kaia deposits at 5:44 p.m. Taipei time, and the token retreated after peaking at 6:23 p.m. JPYC Info showed circulating supply jumped from about 1.896 billion on Sept. 16 to about 4.258 billion a day later, suggesting arbitrage activity as traders minted the token in Japan at 1 yen and sold it into the Korean market. JPYC briefly halted mint reservation requests on Ethereum and Polygon that evening before restoring both services. PayPal’s PYUSD, which also listed on Upbit the same day, saw a similar short-lived premium.

Real-world asset markets posted another week of measured growth in the Sept. 4 to Sept. 11 period, with on-chain RWA market capitalization rising to $39.07 billion and total holders climbing to 3.885 million, according to data cited in the report. Stablecoins also expanded, reaching a combined market cap of $304.93 billion, while monthly transfer volume jumped to $7.8 trillion and monthly active addresses rose to 56.64 million. Policy and product updates drove much of the week’s activity. Canada’s OSFI said tokenized deposits carry the same legal character as traditional deposits. In India, SEBI and the RBI launched a corporate bond tokenization pilot tied to wholesale digital rupee settlement. Uzbekistan moved ahead with a sandbox for a som-pegged stablecoin backed by government securities. On the product side, ARK filed with the U.S. Securities and Exchange Commission to add exchange-listed and tokenized share classes to its Venture Fund, while a range of banks, payment firms and crypto platforms pushed forward with tokenized deposits, securities platforms and stablecoin infrastructure. The week also brought new funding deals, including Latitude’s $35 million Series A and Circle’s planned $400 million stock acquisition of cross-border payments platform Tazapay. The report also highlighted rising speculation around tokenized U.S. equities, including Robinhood Chain and Four.meme’s 4Stock experiment.

Crypto markets saw an unusually dense flow of developments between Sept. 9 and Sept. 10, with LAPTOP drawing the most attention after its launch, airdrop claims, market-maker allocations, liquidity incentives and extreme price moves all unfolded in quick succession. Security concerns emerged at the same time, including phishing warnings tied to LAPTOP and a separate email phishing alert from hardware wallet maker Trezor. Beyond LAPTOP, on-chain activity showed large ZEC buying through three wallets, a profitable six-month run in VVV and LIT by whale address 0x7378, and fresh positioning by trader Based16z. Binance listed Niulai and expanded related services, while Binance Alpha added 4Stock and A Meme Coin. Institutional and infrastructure news also arrived in size. Aave launched an official MCP server for AI agents, Consensys spun out MetaMask into an independent entity, U.S. Bank tested cross-border payments using USBDC on Stellar, PayPal formally rolled out its PYUSDx platform, and Tether teamed up with Fasanara Capital on a $400 million private credit fund. Regulators and policymakers were active as well, with U.S. enforcement action against Xinbi Guarantee, fresh pressure in Washington around the CLARITY Act, and an EU move to extend local contact-point rules to crypto service providers.

PayPal is widening its stablecoin infrastructure with the PYUSDx developer platform, according to CoinDesk. The platform is backed by PayPal USD, or PYUSD, and was built with help from M0 and MoonPay. It is designed as a custom token issuance platform, adding a new layer to PayPal’s stablecoin-related product stack. The report identifies the project as part of PayPal’s push to expand the rails around PYUSD rather than a standalone token launch. CoinDesk’s summary did not disclose additional product details, launch metrics, or user availability.

KuCoin Ventures said in its latest weekly report that a burst of US crypto policy activity coincided with a sharp rebound in digital-asset prices and stronger risk appetite across trading channels. The report pointed to three separate policy tracks: President Donald Trump again urging Congress to advance the CLARITY Act after a White House meeting with crypto and traditional finance representatives, the US Securities and Exchange Commission proposing a Regulation Crypto Assets framework for exemptions, disclosures, and safe harbors tied to certain token financings and investment contracts, and the US Treasury issuing another round of proposed implementation rules under the GENIUS Act. KuCoin Ventures stressed that these measures are at different stages and none of the SEC or Treasury proposals are final rules in force. The report also said Bitcoin rose nearly 20% last week and briefly moved above $79,000, while Ether gained roughly 20% to 30%. US spot BTC and ETH ETFs posted some of their strongest inflows of the year, with volumes also picking up. Still, the firm said the rally should not be explained by regulation alone. A weaker US dollar, a larger Treasury long-bond buyback program, short covering, and a renewed increase in stablecoin supply all appeared in the same window and helped shape market pricing.

Sentora has launched a curated lending vault on Morpho that lets users deposit PayPal USD (PYUSD) while taking exposure to loans backed by mWIN, a token issued by Midas and tied to an actively managed credit portfolio run by Wellington Management. The setup brings a large traditional asset manager’s native onchain credit strategy into DeFi collateral markets rather than wrapping an existing offchain fund after launch. As of Aug. 6, the vault was close to its 10 million PYUSD cap, while the underlying market showed $3.91 million in borrowing against $6.44 million in posted collateral. Sentora said the product carries duration and credit risk and should not be treated like a yield-bearing stablecoin. The vault’s headline net APY of 8.31% was driven mostly by PYUSD incentives, while the base yield excluding rewards was 0.70%.

Paxos launched native PYUSD issuance on Polygon, integrating it into the Open Money Stack. Polygon's cumulative stablecoin volume surpassed $2.6 trillion, with Revolut and Stripe already using the chain for payments.

Paxos received SEC approval to operate a blockchain-based clearing agency, becoming the first blockchain-native firm authorized for U.S. securities settlement. The milestone follows a seven-year regulatory engagement and resolves past disputes.