JPYC went from a $5K–$35K weekly market to $191K in one week. The catalyst was Upbit's Sep 17 listing, which opened JPYC to a new Korean trading market. At the same time, issuance on Ethereum and Polygon was temporarily halted, while JPYC traded well above its ¥1 peg. That explains the volume spike much better than simply calling it a demand surge: the listing created the demand, and the supply disruption made the arbitrage much larger