BlockBeats News – According to data from CryptoQuant cited by Korean media Pulse, the monthly trading volume of stablecoins on South Korea’s top five centralized exchanges (CEXs)—Upbit, Bithumb, Coinone, Korbit, and GOPAX—reached approximately 16.17 trillion KRW ($11.5 billion) in November 2024.
This figure includes the total buy/sell volume of stablecoins such as Tether (USDT) and USDC issued by Circle, marking a 7x increase compared to the roughly 2 trillion KRW recorded at the beginning of the year. Notably, this is the first time South Korea’s monthly stablecoin trading volume has exceeded 10 trillion KRW.
Additionally, as of Monday, the 24-hour trading volume of South Korea’s domestic virtual asset market stood at 23 trillion KRW, accounting for 9.05% of the global total (262 trillion KRW).
Key Insights:
- Stablecoin Surge: The sharp rise in stablecoin trading suggests South Korean cryptocurrency investors may be moving assets overseas.
- Market Dominance: South Korea’s crypto trading volume now represents nearly 1/10th of global activity, highlighting its growing influence.
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FAQs
Q1: Why are stablecoins gaining traction in South Korea?
A1: Stablecoins provide a hedge against volatility and facilitate easier cross-border transfers, appealing to investors diversifying portfolios or relocating assets abroad.
Q2: Which exchanges dominate South Korea’s crypto market?
A2: Upbit, Bithumb, Coinone, Korbit, and GOPAX lead the market, with Upbit handling the largest share of transactions.
Q3: What’s driving South Korea’s high crypto trading volume?
A3: Factors include tech-savvy demographics, progressive regulations, and strong retail investor participation.
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