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JPYC surges from 12 won to 37.6 won after Upbit listing

  • JPYC surged on Upbit shortly after its September 17 listing.
  • JPYC climbed from 12 won to 37.6 won, about four times its intended value.
  • The price jump highlighted liquidity challenges involving stablecoins.

JPYC, a yen-pegged stablecoin designed to track the Japanese yen, rose from 12 won to 37.6 won on South Korea's Upbit exchange shortly after its September 17 listing. The move put the token at about four times its intended value and highlighted liquidity challenges that can affect stablecoin trading after a new exchange listing.

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