More than half of global spot trading in JPYC, Japan’s yen-pegged stablecoin, took place on South Korean exchanges after Upbit listed the token. Upbit represented 54.18% of JPYC’s global spot volume over the previous 24 hours in a Sept. 21 reading. Global trading value rose from $64,571 on Sept. 16 to $32,485,395 on Sept. 19, an increase of about 503-fold, before reaching $9,770,501 on Sept. 20. JPYC’s Korean use cases are expanding through the Unify wallet on the Line messenger app, including interest payments, discounted mobile gift cards and medical-service cashback. The growth has raised concerns about money laundering, capital outflows, foreign-currency stablecoin use and South Korea’s delayed framework for won-backed or offshore stablecoins.