The trading volume of virtual assets in South Korea has surged, currently accounting for 9.05% of the global total

2024-12-03 11:33:16

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ChainCatcher news, according to South Korean media Pulse citing CryptoQuant data, 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 (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 compared to the approximately 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.

Additionally, 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. Analysts point out that the surge in stablecoin trading may be related to South Korean cryptocurrency investors transferring their assets overseas.

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