According to BlockBeats news on December 3rd, citing data from CryptoQuant reported by the South Korean media Pulse, in November 2024, the total monthly trading volume of stablecoins for South Korea's top five centralized exchanges—Upbit, Bithumb, Coinone, Korbit, and GOPAX—was approximately 16.17 trillion won (1.15 billion USD). This figure includes the total trading volume of stablecoins such as Tether (USDT) and USDC issued by Circle, and it has increased sevenfold from about 2 trillion won recorded at the beginning of the year. This also marks the first time that South Korea's monthly stablecoin trading volume has exceeded 10 trillion won.
Furthermore, as of Monday, the 24-hour trading volume of the domestic virtual asset market in South Korea was 23 trillion won, accounting for 9.05% of the global total of 262 trillion won.
Analysis indicates that the surge in stablecoin trading may be related to South Korean cryptocurrency investors transferring their assets overseas.