韩国权衡稳定币流动性规则

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South Korean industry calls for the inclusion of liquidity safeguards in the Korean won stablecoin rules

Recently, various foreign currency stablecoins have experienced sharp price deviations on the Korean exchange, which has aroused strong concern from industry participants. They called for the inclusion of a liquidity guarantee mechanism, issuance restrictions and price control measures in the future regulatory framework of the Korean won stablecoin.

According to "News1" reported on September 27, market participants hope that regulators will review the initial circulation supply, issuance and redemption channels, market maker mechanisms, and control measures for abnormal transactions. The proposal comes as South Korea advances the second phase of digital asset legislation, which is expected to be submitted to the National Assembly for review in November and will cover the issuance and circulation of stablecoins.

Insufficient liquidity causes stablecoin prices to deviate significantly from anchored values

Recent trading data shows that lack of liquidity on exchanges may cause stablecoin prices to deviate significantly from the fiat currency value it is designed to track. JPYC, PayPal USD (PYUSD) and EURC all experienced abnormal price fluctuations in the Korean won market in September.

Soaring JPYC prices trigger liquidity review

On September 17, after Upbit launched JPYC, its price once soared to 37.6 won. At that time, the reference exchange rate of the stablecoin was approximately 8.8 won, causing the exchange price to reach more than four times the reference value.

据韩联社报道，JPYC开盘时交易价格约为12韩元，随后因买盘需求旺盛且可用供给有限，价格迅速突破37韩元。此后，Upbit扩大了支持的存款网络，从仅以太坊扩展至包括Kaia和Polygon在内的多条链，从而增加了流入交易所的JPYC数量。次日，代币价格回落至8韩元区间。

在交易启动前，Upbit引用的JPYC参考价格为8.81韩元。最初，该交易所计划仅支持以太坊上的存款和提款。相关报道指出，Upbit在9月17日将JPYC的交易时间推迟了三个小时，而同期PYUSD的交易安排未受影响。此次上线涉及KRW、BTC和USDT交易对。

PayPal USD同样遭遇价格异动

在同一交易所，PayPal USD也出现了幅度较小但依然显著的价格波动。Upbit数据显示，9月17日PYUSD创下1,760韩元的历史新高，随后回落至1,360韩元附近。

《News1》将此归因于交易初期的供应受限。与JPYC不同，PYUSD的价格仍相对接近其美元锚定值，但这起波动充分展示了当卖盘流动性枯竭时，交易所价格可能出现的背离现象。

Bithumb上EURC暴涨提供另一例证

Circle发行的欧元挂钩稳定币EURC在Bithumb交易所也出现了独立的价格扭曲现象。9月14日凌晨 shortly after，EURC价格飙升至7,860韩元，而前一收盘价为1,513韩元。涨幅超过400%，而海外市场价格仍接近欧元兑换后的价值。

Bithumb官方记录显示，EURC实际上于8月28日已进入韩元交易市场，而非9月14日。该交易所以1,609韩元的参考价上线该代币，并支持通过以太坊进行存取款。因此，9月14日的价格异动发生在上线两周多之后。报道将该 spike 归因于集中订单和浅层流动性，而非欧元 backing 发生变化。根据基于Bithumb交易数据的报道，当天约60%的EURC交易量在15分钟内完成。

同一时期，USDG也在Bithumb经历了类似的异常波动，价格达到3,048韩元，此前收盘价约为1,358韩元。这些重复发生的事件促使业界呼吁，稳定币市场规则应将交易所流动性与发行人储备金分开监管。