EURC, a stablecoin designed to track the euro, surged more than 400% on Bithumb’s Korean won market on the 14th, reaching ₩7,860, or approximately $5.7, from a previous close of ₩1,513, or about $1.1. It also climbed to around ₩3,300 on Upbit. Global Dollar (USDG), which is pegged to the U.S. dollar, reached ₩3,048 on Bithumb and ₩1,490 on Upbit. Both assets returned to pre-spike levels roughly five minutes after their peaks, and the pattern repeated the following day. The volatility was confined to South Korean exchanges; neither asset showed significant movement on global platforms such as Coinbase. Trading volumes rose from typical daily levels below ₩10 million to between ₩4 billion and ₩6 billion for two consecutive days, while the 10 largest traders were known to hold 90% of both assets’ circulating supply. Public market data could not establish who placed the orders or whether manipulation occurred, although late buyers likely suffered losses. Repeated stablecoin price anomalies have intensified calls for a market maker system to improve liquidity, narrow bid-ask spreads and reduce distortions, while questions remain over market-maker incentives and oversight in crypto markets. The episodes have also renewed concerns about South Korean exchanges’ liquidity management and the potential impact on confidence in assets built around price stability.