Stablecoin trading on Korea’s five major won-based crypto exchanges totaled 177.1653 trillion won from the start of the year through December 25, up about 77 trillion won from a year earlier. The gains were driven largely by dollar-pegged stablecoins USDT and USDC, CryptoQuant data show. The data cover Upbit, Bithumb, Coinone, Kobit, and GOPAX.
USDT accounted for roughly 96% of the total volume, while USDC traded about 5.89 trillion won this year. The second half of the year saw heightened activity as the won weakened, with first-half volumes around 87 trillion won and the second half exceeding it at about 90 trillion won.
Stablecoins offer a convenient way to gain dollar exposure relative to direct currency purchases. Bank of America recently noted that clearer stablecoin regulation could accelerate the on-chain conversion of real assets and payments.
The won–dollar rate stood at 1,440.90 per dollar as of 2:53 pm on December 26, after intraday highs near 1,482 on December 23, approaching 1,500. Government stabilization measures calmed some volatility, but concerns over the won linger. The ease of access to stablecoins is also cited as a factor behind growing demand.
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