Korean Won Volatility Drives USDC Uptake on Major Exchanges

KRW volatility drives rising USDC activity as Korea’s major exchanges expand stablecoins and launch rewards programs, boosting liquidity and revenue amid bear markets.

Rich by Coin

2026-01-25

Last Wednesday, the won fell past 1,480 per USD, spurring higher activity on domestic crypto venues. Across Korea’s five major exchanges, Tether trading reached KRW 378.2 billion, up 62% from January 1. The surge underscores growing demand for dollar-denominated liquidity during currency volatility.

Korbit recently waived USDC trading fees and launched a competition running through March, with a total of 25,000 USDC to be distributed among retail participants with weekly trading volumes of KRW 10 million. Coinone followed suit, offering weekly rewards totaling 8,000 USDC.

Upbit and Bithumb simultaneously listed Ethena Labs’ synthetic stablecoin USDe on January 14, signaling asset expansion. Upbit began a three-promotion campaign on January 17, awarding Ethena tokens to the top USDe traders.

Industry analysts say stablecoins have become a key tool for boosting trading volumes and unlocking new revenue streams in a bear market. The trend highlights ongoing demand for on-ramp liquidity solutions amid currency volatility.