Japan's yen-backed stablecoin JPYC debuted on South Korea's largest crypto exchange, Upbit, at a 1 yen peg but quickly surged past 3 yen due to intense retail demand and limited token supply. This caused a temporary price distortion, with JPYC briefly trading at nearly four times its intended value. The surge triggered a record minting of JPYC tokens, increasing supply from ¥1.9 billion to over ¥4.2 billion within 48 hours, which helped restore the peg through arbitrage. The event highlights the impact of supply constraints and strong demand on stablecoin pricing in secondary markets, even for regulated tokens backed by government bonds and bank deposits.
The JPYC stablecoin saw a surge to over 3 yen from its 1 yen peg on South Korea's Upbit exchange, illustrating intense retail demand and supply constraints. For readers following cryptocurrency markets, here is Pluang's market snapshot as of Sep 20, 2026 00:01 WIB: out of 50 major cryptocurrencies, 38 rose and 10 fell. Notable movers include VET at Rp150 with a 7.92% increase and a typical hold time of 146 days, COMP at Rp386,547 with a 7.07% rise and 100% sell order activity, and MANA at Rp1,463 up 6.71% with 59% buy orders.
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