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More than half of global trading in yen-denominated stablecoin JPYC is taking place in South Korea after the token was listed on Upbit, Seoul Economic Daily reported. According to CoinMarketCap, JPYC trading volume on South Korean exchange Upbit accounted for 54.18% of global spot volume over the past 24 hours as of 12:15 a.m. UTC today. That means roughly one of every two JPYC trades worldwide took place in South Korea. The report said South Korea is becoming a liquidity venue for yen-based coins, following dollar stablecoins such as Tether (USDT), while regulatory formalization of won-denominated coins remains delayed.