BlockBeats news, on December 3, according to South Korean media Pulse citing CryptoQuant data, in November 2024, the monthly total trading volume of stablecoins from Korea's top five CEXs—Upbit, Bithumb, Coinone, Korbit, and GOPAX—was approximately 16.17 trillion Korean won (11.5 billion USD). This figure includes the total trading volume of stablecoins such as Tether (USDT) and USDC issued by Circle, and it has increased 7 times compared to about 2 trillion Korean won recorded at the beginning of the year. This marks the first time that South Korea's monthly stablecoin trading volume has exceeded 10 trillion Korean won.
Furthermore, as of Monday, the 24-hour trading volume of the domestic virtual asset market in South Korea was 23 trillion Korean won, accounting for 9.05% of the global total of 262 trillion Korean won.
Analysis indicates that the surge in stablecoin trading may be related to South Korean cryptocurrency investors transferring their assets overseas.