JPYC debuts on Upbit: yen stablecoin spikes above 3 yen
- —JPYC on Upbit jumped from 8.81 to 35.7 won in an hour, peaking near 37 won
- —1.69 billion JPYC was issued on September 17 — 12 times the previous record of 139.16 million
- —Supply grew from 1.9 billion to more than 4.2 billion yen in 48 hours
- —The premium to 1:1 parity vanished after issuance resumed and arbitrage kicked in
Why it matters: The case showed how thin liquidity on a local exchange can break a stablecoin's parity and how issuance quickly restores it.
Source: Bitcoin.com