As KRW/USD strengthens, USDT volumes rebound across Korea’s five largest exchanges, signaling renewed demand for dollar-denominated assets. The won-to-dollar exchange rate has climbed, and dollar stablecoin trading, which had slowed down, rose noticeably across Korea’s major platforms. Bank of Korea data submitted to Cha Kyugeun shows USDT, USDC, and USDS transactions across Korea’s five largest exchanges (Upbit, Bithumb, Coinone, Cobbit, and Gopax) have risen for three consecutive months from June to September.
Stablecoin monthly transaction values moved from 7.1 trillion won in June to 16.9 trillion won in September. Upbit’s USDT volume reached about 6.9 billion in October, up more than 30% from September (about 5.2 billion).
Such a rebound in trading is coupled with the rise in the exchange rate. An official from the virtual asset industry said, “There is a possibility that transactions may have increased as investors who expected a further rise in the exchange rate bought stablecoins from the perspective of buying dollars,” adding, “The fact that Bitcoin hit an all-time high in October must have had a significant impact on the overall coin market.”
On the other hand, full-fledged legislative discussions for the introduction of won stablecoins are expected to be over the year. In addition, the Democratic Party of Korea and the government are in final coordination with the enactment of the Framework Act on Digital Assets, including stablecoins, and the government’s proposal is expected to be unveiled soon. Initially, it was expected to push for legislation by the end of this year, but differences in various sectors, including the Bank of Korea and the industry, have not been resolved.
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