JPYC briefly surges to 37 won after Upbit listing, drawing criticism

Sep 17, 2026 10:50 (36d ago)

JPYC briefly surged after its listing on South Korean exchange Upbit.
JPYC reached 37 won and later traded around 26 won, up 112%.
Upbit opened trading before JPYC deposits and withdrawals were enabled.

JPYC, a stablecoin pegged one-to-one to the Japanese yen, briefly reached 37 won after listing on South Korean exchange Upbit. The move prompted criticism of Upbit’s listing system, including the absence of maximum bid and ask limits for a stablecoin, limited advance guidance and the opening of trading before deposits and withdrawals were enabled. JPYC was recently trading around 26 won on Upbit, up 112%, with volume exceeding 120 billion won.