According to ChainCatcher, citing data from CryptoQuant reported by South Korean media Pulse, in November 2024, the total monthly trading volume of stablecoins from South Korea's top five CEXs—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 also increased sevenfold compared to the approximately 2 trillion won recorded at the beginning of the year. This marks the first time monthly stablecoin trading volume in South Korea has exceeded 10 trillion won.
Additionally, as of Monday, the 24-hour trading volume of the domestic virtual asset market in South Korea reached 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.