TechFlow news, on December 3, according to South Korean media Pulse citing CryptoQuant data, in November 2024, the top five South Korean CEXs—Upbit, Bithumb, Coinone, Korbit, and GOPAX—recorded a monthly stablecoin trading volume of approximately 16.17 trillion won (USD 11.5 billion). This figure includes total buy and sell volumes for stablecoins such as Tether (USDT) and USDC issued by Circle, representing a sevenfold increase from the roughly 2 trillion won recorded at the beginning of the year. It also marks the first time that South Korea's monthly stablecoin trading volume has exceeded 10 trillion won.
In addition, as of Monday, South Korea's domestic virtual asset market recorded a 24-hour trading volume of 23 trillion won, accounting for 9.05% of the global total of 262 trillion won.
Analysis suggests that the surge in stablecoin trading may be related to South Korean cryptocurrency investors moving their assets overseas.
