South Korean won accounts for 30% of global crypto spot trading

The South Korean won is the second-most active fiat currency in the digital-asset market, representing about 30% of global spot trading volume. A joint report by RedStone and Kaia highlights that the institutional conditions for utilizing South Korea’s deep won liquidity for on-chain lending or as collateral in decentralized finance are currently insufficient. Additionally, net stablecoin outflows from South Korea’s five major won-based exchanges have remained negative for 18 consecutive months, with cumulative net outflows totaling 14.92 trillion won, equivalent to 10400 million dollars. This trend is attributed to delays in establishing a legal framework for won-denominated stablecoins. The report suggests that if these stablecoins are regulated, their applications could extend beyond payments to include DeFi collateral and settlement assets for tokenized securities.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.