JPYC Gets More Than Half of Global Trading From South Korea as Volume Jumps 500-Fold After Listing
Summary
- More than half of JPYC's global spot trading volume is coming from South Korean exchanges.
- JPYC's global trading value rose about 503-fold after its South Korean listing, climbing from $64,571 to $32,485,395.
- JPYC is a yen-backed stablecoin pegged 1:1 to the Japanese currency, and its use cases are expanding through its listing on South Korean exchanges and through services such as the Unify wallet on the Line messenger app.
More than half of global spot trading in yen-backed stablecoin JPYC is taking place on South Korean exchanges.
The Seoul Economic Daily reported on Sept. 21 that, as of 9:15 a.m., Upbit accounted for 54.18% of JPYC's global spot trading volume over the previous 24 hours. Total trading activity has also surged since the token's domestic listing.
JPYC's global trading value was just $64,571 on Sept. 16, the day before its South Korean listing. By Sept. 19, that had jumped about 503-fold to $32,485,395. Trading reached $9,770,501 on Sept. 20, with the average daily trading value over the past three days estimated at about $18.19 million.
JPYC is a Japanese stablecoin designed to maintain a 1:1 peg with the yen and has been issued since October last year. Its listing on South Korean exchanges has improved accessibility, while its use cases are also expanding through channels including the Unify wallet on the Line messenger app.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.