JPYC Jumps to 37.6 Won After Listing, Then Slides 76% to 8-Won Range
Summary
- The yen-based stablecoin JPYC surged to 37.6 won immediately after listing on a South Korean exchange, before falling to the 8-won range a day later.
- JPYC aims to be redeemable at 1 yen per token, but its domestic price rose far above that reference value because circulating supply was limited in the early stage of listing.
- Limited circulating supply, restricted redemption and transfer routes, and a lack of domestic market makers were cited as factors that prevented the price gap from closing quickly.
Forecast Trend Report by Period
The yen-based stablecoin JPYC surged to more than three times its reference value immediately after listing on a South Korean exchange, only to fall to the 8-won range a day later.
Dailyan reported on Sept. 19 that JPYC climbed to 37.6 won shortly after trading support began in a domestic won market on Sept. 17, before dropping to the 8-won range the next morning. It was trading at 8.64 won as of Sept. 19.
JPYC is a cryptocurrency-based stablecoin that aims to be redeemable at 1 yen per token. Its South Korean price rose well above that reference value as buying demand poured in while circulating supply remained limited in the early stage of listing.
When trading began, JPYC deposits and withdrawals were supported only on Ethereum. Kaia and Polygon were added later. Around the same time, issuance reservations on some networks were temporarily suspended during the token issuance process.
Limited circulating supply, restricted redemption and transfer routes, and a lack of domestic market makers have been cited as reasons the price gap was not quickly closed.
