"Stablecoin surges?" ... JPYC bought at inflated prices by 21,000 investors during five days after listing [Crypto Briefing]

[Financial News] As many as 21,000 investors were found to have bought South Korea's first yen stablecoin, JPYC, at prices above the actual exchange rate. Most of them suffered losses after JPYC experienced sharp price fluctuations following its listing in South Korea.
According to data submitted by Upbit to the office of Park Min-gyu, a Democratic Party of Korea lawmaker on the National Policy Committee, 21,219 investors bought JPYC at prices at least 10% above the won-yen exchange rate between the 17th, when it was listed on Upbit, and the 21st. They purchased JPYC worth 259,855,190,000 won during that period.
A total of 2,574 investors bought JPYC at prices at least 300% above the reference price, purchasing 8,263,430,000 won worth. Another 11,449 investors bought it at prices at least 200% but less than 300% above the reference price, spending 85,420,030,000 won.
The figures for the next categories were as follows: 13,728 investors bought JPYC at prices at least 100% but less than 200% above the reference price, spending 105,862,810,000 won; and 5,542 investors bought it at prices at least 50% but less than 100% above the reference price, spending 26,948,130,000 won.
JPYC is a stablecoin designed to be pegged one-to-one to the yen. However, its price temporarily surged as buying pressure mounted amid a shortage of JPYC in circulation on Upbit.
On the 17th, the day of its listing, JPYC climbed as high as 37.6 won, close to four times the exchange rate. Its price later fell to the exchange-rate level as newly issued supply increased and arbitrage activity picked up.
As the price stabilized, investors who bought at the peak suffered losses. As of the 21st, 3,792 investors had bought JPYC at prices at least 50% above the reference price and continued to hold it. Their average unrealized loss was estimated at 1,325,530 won, while the total unrealized loss came to 5,030,000,000 won when simply added together.
Only 7,006 investors, or about 33% of the 21,219 who bought JPYC during the period, sold the token and realized gains. Their average realized profit was just 453,687 won.
[email protected] Lim Sang-hyeok Reporter