JPYC stablecoin surges on Upbit, trading at 4x its peg

The Japanese yen-pegged stablecoin JPYC was listed on the South Korean exchange Upbit on September 17. Due to limited initial liquidity on the Ethereum network, the price spiked from 12 KRW to 37.6 KRW, equivalent to approximately 4.2 JPY. The price subsequently corrected to around 1 JPY by the following day. The issuer, JPYC, temporarily suspended minting reservations during the volatility. JPYC is an electronic payment instrument regulated under Japan's Payment Services Act, typically issued and redeemed at a 1:1 ratio with the Japanese yen.