JPYC issuance tops 4.26B yen after Upbit listing as arbitrageurs double turnover
- —JPYC issuance grew from 1.9 billion to 4.26 billion yen in a day
- —Upbit opened JPYC/KRW, JPYC/BTC and JPYC/USDT pairs
- —JPYC's price briefly reached 2.2 yen per coin
- —The leading JPYC issuance networks are Polygon, Ethereum and Kaia
Why it matters: The case shows how a listing on a major exchange and a supply shortage on one network create arbitrage opportunities for stablecoins.
Source: CoinDesk Japan