JPYC, described by ChainCatcher as Japan’s first licensed yen stablecoin, started trading on South Korean crypto exchange Upbit on Sept. 17. The JPYC/KRW pair opened at a reference price of KRW 8.81, then climbed sharply to KRW 35.7 and later touched about KRW 37, equivalent to more than JPY 3. On the same day, JPYC minted JPY 1.687 billion. Over roughly 48 hours, its circulating supply rose from about JPY 1.9 billion to more than JPY 4.2 billion. After the new supply entered the market, the token’s price gradually moved back toward its 1:1 yen peg. The move highlights how early trading in a newly listed stablecoin can diverge from its intended reference value before issuance catches up with demand.
According to ChainCatcher, JPYC, Japan’s first licensed yen stablecoin, was listed on South Korean cryptocurrency exchange Upbit on Sept. 17.
The JPYC/KRW pair opened with a reference price of KRW 8.81. It later rose to KRW 35.7 and reached about KRW 37 at its peak, equal to more than JPY 3.
JPYC minted JPY 1.687 billion on the day of listing. Over roughly 48 hours, circulating supply increased from about JPY 1.9 billion to more than JPY 4.2 billion. After the additional supply entered the market, JPYC gradually returned toward its 1:1 yen peg.
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