preferred on
Points of Focus
- More than 21,000 Upbit users bought JPYC at at least 10% above its yen-linked reference price.
- Remaining holders had estimated unrealized losses of 5.03 billion won as of Sept. 21.
- 2,574 users bought JPYC at more than 300% above its reference price.
More than 21,000 Upbit users paid above the Japanese yen-linked value of JPYC during its first five trading days, leaving thousands with paper losses once the price moved back toward its peg.
Figures disclosed on Sept. 27 put their purchases at 259.9 billion Korean won.
Some JPYC buyers paid more than four times its reference value
Upbit supplied the figures to South Korean lawmaker Park Min-kyu’s office, according to Newsis. The data set covers Sept. 17-21, beginning with JPYC’s listing.
It identified 21,219 distinct buyers who paid at least 10% above the reference price. Within that group, 2,574 bought at more than 300% above the benchmark, meaning they paid more than four times the yen-linked value.
The calculation used the previous day’s yen closing exchange rate, which ranged from 874 to 886 won per 100 yen. That placed the implied value of each JPYC at roughly 8.74-8.86 won, while JPYC reached 37.60 won on Upbit on Sept. 17, according to the exchange’s market data.
Thousands still held JPYC after the premium unwound
As of Sept. 21, 3,792 investors still held the token. Their average estimated unrealized loss stood at 1,325,530 won, bringing combined paper losses to about 5.03 billion won.
At the same time, 7,006 investors had recorded realized gains during the period. Upbit did not disclose realized losses, leaving the overall trading result unknown. The 259.9-billion-won figure refers to purchase volume, while the estimated losses cover remaining holdings.
The episode adds another example of how access and liquidity can affect stablecoin trading when a token reaches a new market.
Why JPYC traded so far above 1 yen
JPYC’s issuer describes one-for-one yen issuance and redemption, with reserves held in bank deposits and Japanese government bonds. The issuer says JPYC can be redeemed for the same amount in yen, while reserve structures remain central to how stablecoin redemption works.
Traders can usually close large price gaps by obtaining tokens near face value and selling them on an exchange. During JPYC’s debut, access to primary issuance was more limited. Upbit’s listing notice initially specified Ethereum deposits and withdrawals.
Later that evening, the issuer temporarily suspended Ethereum issuance reservations. JPYC EX’s onboarding guidance also excludes overseas residents, showing that access to primary issuance differed from access to the exchange market.
【障害情報】
イーサリアムネットワーク上のJPYC発行予約を一時停止しております。📍対象：イーサリアム上のJPYC発行予約
📍状況：一時停止中（原因調査中）ご利用中の皆様にはご迷惑をおかけし大変申し訳ございません。
詳細が判明次第、速やかに追ってお知らせいたします。— JPYC株式会社 (@jpyc_official) September 17, 2026
Those constraints reduced the routes available to traders seeking newly issued JPYC while the token was trading at a large premium on Upbit. Similar price gaps can persist in non-dollar stablecoin markets when primary-market access is limited and trading liquidity is thin.
Share
Most read articles
