Korean Won Exchange Rate Volatility Drives Demand, Major Korean Exchanges Turn to Dollar-Pegged Stablecoins

Odaily News On Wednesday last week, when the Korean won to US dollar exchange rate broke through 1480 won, the trading volume of Tether on South Korea's top five exchanges reached 378.2 billion won, a 62% increase from January 1st.

Korbit began waiving USDC trading fees last week and launched a trading competition lasting until March, where retail traders with a weekly cumulative trading volume of 10 million won can share 25,000 USDC. Coinone has also taken similar measures, distributing 8,000 USDC rewards to participants weekly. Upbit and Bithumb are expanding by listing new assets, simultaneously listing the synthetic stablecoin USDe, launched by Ethena Labs, on January 14th. Upbit has launched three rounds of promotional activities since January 17th, distributing Ethena token rewards to top USDe traders. Industry insiders stated that during market downturns, stablecoins are seen as a key means to increase trading volume and develop new revenue sources. (koreatimes)