Upbit JPYC Premium Hits 145% Amid Strong Buying Pressure

Upbit has seen its newly supported Japanese Yen stablecoin JPYC (JPY Coin) trade at a 145% premium compared to the actual KRW-JPY exchange rate.

At 6:15 PM on July 17, JPYC was trading at 21.8 KRW, up 81.67% from its initial price of 12 KRW set at market open. The current JPY-KRW exchange rate stands at 8.89 KRW.

This indicates JPYC is trading approximately 145% above the actual yen value. The premium appears to stem from strong buying interest following Upbit's decision to list the asset, causing a temporary breakdown in the stablecoin's peg.

However, given stablecoin characteristics, a return toward the exchange rate is likely, prompting investor caution.