JPYC, a stablecoin designed to track the Japanese yen, experienced sharp price distortions after Upbit listed it in South Korea on Sept. 17. Over the following five days, 21,219 unique investors bought 1.276066 billion JPYC for 259.8552 billion won at prices more than 10% above the won-yen exchange rate. JPYC reached 37.6 won against Upbit’s 8.81-won reference value before returning toward 8 won. As of Sept. 21, 3,792 holders faced estimated combined unrealized losses of about 5.03 billion won, although total investor losses remain unconfirmed because realized-loss data was not disclosed. Similar moves in PYUSD, EURC and USDG prompted calls for rules covering circulating supply, issuance and redemption, market makers, liquidity providers, deviation disclosures and abnormal-trading controls. South Korea’s Financial Services Commission has not finalized the safeguards or issuer structure; the Digital Asset Framework Act is expected to reach a National Assembly bill review subcommittee in November, with 10 digital asset and stablecoin proposals pending and policymakers seeking to advance the framework during 2026.