JPYC briefly surpassed 3 yen after launching on Upbit, with a supply exceeding 4.2 billion yen in 48 hours

Japan's first licensed yen stablecoin JPYC was launched on September 17 on the South Korean cryptocurrency exchange Upbit. The opening reference price for JPYC/KRW was 8.81 KRW, which later rose to 35.7 KRW, reaching a peak of about 37 KRW, equivalent to over 3 yen.

On the same day, 1.687 billion yen of JPYC was minted, and the circulating supply increased from about 1.9 billion yen to over 4.2 billion yen within approximately 48 hours. After the new supply entered the market, the price of JPYC gradually returned to the 1:1 yen peg level.