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Stablecoin surges seen consecutively on Upbit and Bithumb
A strange phenomenon occurred on virtual asset exchange Upbit, where the price of a newly listed stablecoin surged by over 190%.
As of 6:42 PM on the 17th, JPY Coin (JPYC) is trading at 35.7 won on Upbit, up 197.5% from its opening price.
At the same time, on virtual asset analysis firm CoinMarketCap, JPYC is priced at 9.65 won, making its price on Upbit more than three times higher than the global market price.
Upbit began supporting trading for the dollar stablecoin PayPal USD (PYUSD) from noon today, followed by the Japanese Yen stablecoin JPYC from 6 PM.
PayPal USD also started trading at 1,379 won today, surged to 1,760 won around 6:20 PM, and then fell back to the 1,380 won range.
Considering the characteristics of stablecoins, which are virtual assets whose value is pegged to specific assets like fiat currency, such a rapid surge is considered unusual.
This is not the first time stablecoin prices have fluctuated wildly on a domestic virtual asset exchange.
EUR Coin (EURC), listed on virtual asset exchange Bithumb on the 28th of last month, started trading at 1,583 won on the 14th and at one point soared to 7,860 won.
On Upbit, which listed EURC on the same day as Bithumb, the price of EURC also surged to 3,300 won on the 13th.
Such sharp fluctuations in stablecoin prices are interpreted as being due to a rush of trading support for newly listed coins.
A Dunamu official stated, "It is difficult to provide a separate statement regarding the price fluctuations or market prices of individual assets."
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