JPYC, described in the source report as Japan’s first licensed yen stablecoin, began trading on South Korea-based cryptocurrency exchange Upbit on Sept. 17. The JPYC/KRW pair opened at a reference price of 8.81 won, then climbed to 35.7 won and later touched roughly 37 won at the high, equivalent to more than 3 Japanese yen.
At the same time, JPYC’s supply expanded quickly. The token minted 1.687 billion yen on the day of listing, and its circulating supply rose from about 1.9 billion yen to more than 4.2 billion yen within roughly 48 hours. After the newly minted supply entered the market, the token’s price gradually moved back toward its 1:1 peg with the Japanese yen.
The figures and listing details were cited by Odaily, which referenced Bitcoin.com News.
JPYC, identified in the source report as Japan’s first licensed yen stablecoin, was listed on South Korean crypto exchange Upbit on Sept. 17.
The JPYC/KRW pair opened at a reference price of 8.81 won. It then rose to 35.7 won and later reached about 37 won at its peak, which translated to more than 3 yen.
Price jumped shortly after trading began
Following the Upbit listing, JPYC briefly traded well above its yen peg. Based on the figures in the report, the intraday high of roughly 37 won put the token above 3 yen.
Supply expanded within two days
JPYC minted 1.687 billion yen on the same day. Over roughly 48 hours, its circulating supply increased from about 1.9 billion yen to more than 4.2 billion yen.
After the added supply entered the market, JPYC gradually returned toward its 1:1 peg with the yen.
The report cited Bitcoin.com News.
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