JPYC, a stablecoin pegged 1:1 to the Japanese Yen, experienced an unusual phenomenon, surging to a high of around 37 KRW immediately after its listing on Upbit, leading to growing dissatisfaction within the cryptocurrency community regarding the listing system. Investors are criticizing that despite being a stablecoin, there were no maximum buy/sell price limits, allowing the price surge to go unchecked. They particularly pointed out the exchange's lack of prior notice, stating that without actively searching, it was impossible to even know that JPYC is a Yen-pegged stablecoin, emphasizing that it was a "flawed listing practice lacking basic risk management." Additionally, criticisms were made regarding the listing occurring while deposits and withdrawals were not yet open, allowing the surge to go unchecked. JPYC is currently trading around 26 KRW on Upbit, up 112%, and its trading volume has exceeded 120 billion KRW.
