Domestic dollar-stablecoin trading volume has doubled over the past year, surpassing 1% of banks’ daily average spot foreign exchange trading value. This year, stablecoin trading across Korea’s five major exchanges rose 93% year over year to about 181.9 trillion won. This figure combines the buying and selling volume of stablecoins such as Tether (USDT) and Circle (USDC). Stablecoins are digital assets designed to minimize price volatility.
On a daily basis, that translates to roughly 5 trillion won. The surge is attributed to the growing perception that acquiring digital dollars by buying stablecoins provides an easy way to secure dollar assets. Additionally, the weak won has heightened currency-hedge expectations, boosting investment appeal. In fact, Tether ranked among the top 10 digital assets by return on domestic exchanges in the year’s second half.
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