JPYC Inc. has temporarily suspended issuance reservations for its JPYC stablecoin on the Ethereum network due to a suspected arbitrage anomaly. The company confirmed the pause is under investigation and stated that services will resume once details are clarified. Multiple users reported being unable to complete issuance and KYC processes, raising concerns about potential restrictions on other chains including Polygon. The suspension follows reports of abnormal pricing in the secondary market, where 1 million JPYC surged to approximately $21,300. A single exchange transaction reportedly yielded about 3.31 million yen in arbitrage profits, triggering discussions regarding the token's pricing mechanism and centralized control structure.