Dollar-denominated stablecoin trading volumes on Korea’s five major crypto exchanges surged about 2.4-fold over a three-month period as the won weakened against the U.S. dollar. Monthly turnover for USDT, USDC, and USDS rose from 7.1 trillion won in June to 16.9 trillion won in September, according to data released by the Bank of Korea. This uptick reflects growing activity across the sector amid the currency move.
Average daily turnover tracked a similar trajectory, rising from 2.38 trillion won in June to 5.63 trillion won in September. In October, turnover is estimated to have climbed even more sharply.
On Upbit’s own figures, USDT’s October trading volume stood at roughly 6.9 billion units, up from about 5.2 billion in September, a rise of more than 30%. The activity aligns with a stronger exchange rate, with the Bank of Korea’s data showing the USD/KRW rate moving from 1,366.95 in June to 1,423.36 in October. The rise in volatility and the waning won appear to have drawn investors to dollar-denominated stablecoins as a hedging proxy.
An industry official noted that investors may have bought stablecoins in anticipation of further won depreciation, contributing to the volume surge. They also cited Bitcoin’s October all-time high as a factor supporting broader market sentiment.
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