South Korean crypto exchanges recorded a 62% surge in stablecoin trading volumes as the won fell to multi-year lows against the dollar. Trading volume in Tether (USDT) across Korea’s five major won-based exchanges climbed to 378.2 billion won ($261 million) as the won weakened beyond 1,480 per dollar. The spike followed mounting currency pressures that pushed the won through nine consecutive days of declines against the dollar, its longest losing streak since 2008.
Major exchanges such as Korbit, Coinone, Upbit, and Bithumb launched aggressive promotional campaigns centered on stablecoins, including USDC and USDe, waiving trading fees and distributing rewards to boost volumes. Industry officials described the promotions as a response to a downturn in broader crypto markets.
The surge in stablecoin activity reflects traders seeking liquidity and dollar exposure amid won weakness. The promotions illustrate intense competition among exchanges to capture demand during a period of risk-off sentiment.
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