Upbit Lists Yen Stablecoin, First in Korea

Cryptocurrency exchange Upbit has listed Japan's first yen stablecoin, JPYC. This is the first time a domestic exchange in South Korea has supported trading in a yen-pegged stablecoin.

The listing allows Korean users to buy and sell JPYC directly with won on a domestic exchange, without going through a separate currency exchange. Upbit began supporting trading in JPYC from 6 p.m. on the 17th, according to financial industry sources.

Market participants are focusing on how JPYC is expanding beyond a simple investment asset into overseas payments and decentralized finance, or DeFi. Lawson, a major Japanese convenience store chain, has been running a JPYC payment pilot since July at its Takanawa Gateway City store in Tokyo's Minato Ward.