JPYC Stablecoin Price Surges Fourfold in First Day on Upbit

A new stablecoin, JPYC, was listed on South Korean exchange Upbit, and its price surged to over four times its implied value in a day due to thin supply and arbitrage demand.

The token, pegged one-to-one to the Japanese yen, was initially only available for deposits via the Ethereum network, which holds a relatively small share of JPYC's total circulating supply.

This limited support may have contributed to the rapid price increase, as buy orders flooded in before sufficient supply was available. The price reached an intraday high of 37.60 won on Thursday, but later returned to near its 1-yen peg.