According to Deep Tide TechFlow news, on December 3, citing data from CryptoQuant reported by Korean media Pulse, in November 2024, the monthly total trading volume of stablecoins from South Korea's top five CEXs—Upbit, Bithumb, Coinone, Korbit, and GOPAX—was approximately 16.17 trillion won ($11.5 billion). 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 the approximately 2 trillion won recorded at the beginning of the year. This is also the first time that South Korea's monthly stablecoin trading volume has exceeded 10 trillion won.
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 points out that the surge in stablecoin trading may be related to South Korean cryptocurrency investors transferring their assets overseas.