Deep Tide TechFlow message: On September 27, recent price divergences of fiat-collateralized stablecoins were observed on virtual asset exchanges in South Korea. After the Japanese yen stablecoin JPYC was listed, it surged to as much as 4 times the benchmark price. The euro stablecoin EURC also jumped more than 400% in a single day on Bithumb. The U.S. dollar stablecoin PYUSD likewise showed a noticeable premium. Analysts believe these fluctuations stem from insufficient circulating supply in the initial listing period combined with concentrated buying, and are unrelated to the issuer’s reserve assets. Industry insiders note that reserves alone cannot prevent price distortions in the secondary market. They call for, during the initial design of the won-backed stablecoin framework, the simultaneous establishment of initial liquidity safeguards, market maker (MM) and liquidity provider (LP) mechanisms, and supporting measures such as publishing a price-deviation rate and enforcing limits on market price orders.