Market volatility in the Korean won has increased demand for USD stablecoins in South Korea. On January 22, 2026, as the KRW/USD exchange rate reached 1,480, Tether transaction volumes on the top five exchanges totaled 37.82 billion KRW, a 62% increase.
Korbit removed trading fees for USDC and launched a competition offering 25,000 USDC to traders who reach 10 million KRW in weekly trading volume, which will run until March. Coinone distributed 8,000 USDC weekly. Upbit and Bithumb listed USDe and launched promotional campaigns involving Ethena tokens.
Analysts view stablecoins as a means to boost trading volumes during periods of market downturns. According to ChainCatcher, last Wednesday, when the KRW hit 1,480 against the U.S. dollar, the trading volume of Tether (USDT) on South Korea’s top five exchanges reached 378.2 billion KRW, a 62% increase.
Upbit and Bithumb are expanding by listing new assets, simultaneously launching USDe, a synthetic stablecoin developed by Ethena Labs. Upbit has initiated three promotional campaigns, rewarding top USDe traders with Ethena tokens. Industry insiders noted that during market downturns, stablecoins are seen as a key means to boost trading volume and develop new revenue streams.
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