JPYC, a yen-pegged stablecoin, surged from 12 won to 37.6 won on South Korea's Upbit exchange shortly after its September 17 listing, reaching about four times its intended value. This sharp price jump highlights liquidity challenges when stablecoins enter new markets, as there were insufficient orders near the peg price during early trading. South Korea's Financial Services Commission is reviewing the need for a formal crypto market-making system to address such issues, as current regulations do not exempt market makers from market manipulation rules. Any regulatory changes would likely be part of the broader Digital Asset Basic Act framework, but no decisions have been made yet.
JPYC's price surge on Upbit is noted here with Pluang's market data as of Sep 28, 2026 13:21 WIB. For readers following cryptocurrency markets, 9 out of 50 major cryptocurrencies on Pluang rose today while 40 fell. Notable movers include ONE (Harmony) with a 30.54% gain and a typical hold time of 152 days, GRT (The Graph) up 17.15%, and SXP (Solar) down 46.27%.
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