JPYC Surges Past 3 Yen Briefly After Upbit Listing, Supply Exceeds 4.2 Billion Yen in 48 Hours

Odaily News: Japan's first licensed yen stablecoin, JPYC, was listed on South Korean cryptocurrency exchange Upbit on September 17. The JPYC/KRW opening reference price was 8.81 Korean won, and it subsequently rose to 35.7 Korean won, reaching a high of approximately 37 Korean won, equivalent to over 3 yen.

JPYC minted 1.687 billion yen on that day, and its circulating supply grew from approximately 1.9 billion yen to over 4.2 billion yen within about 48 hours. After the new supply entered the market, JPYC's price gradually returned to its 1:1 yen peg. (Bitcoin.com News)