JPYC Stablecoin Surges to 2.4x Issue Price After HTX Listing

The Japanese yen-denominated stablecoin JPYC has been listed on the cryptocurrency exchange HTX, with trading commencing on September 28. The exchange offers a pair of JPYC against USDT, which is a dollar-pegged stablecoin.

According to HTX's data, the market price of JPYC surged to approximately 2.42 Japanese yen per unit after trading began, significantly higher than its issue and redemption price of 1 Japanese yen. However, the price later declined to around 1.01 Japanese yen per unit by September 29.

HTX has implemented a mechanism to prevent unfavorable trades from being executed, which involves automatically canceling new market orders if they are not within 10% of the current price.