South Korean Crypto Exchanges Pivot to USDC as Won Weakness Drives Dollar Demand

Cryptocurrency exchanges in South Korea are shifting their focus toward dollar-pegged stablecoins as the weakening Won fuels investor demand for dollar-denominated assets. With the USD/KRW exchange rate on the rise, traders are increasingly turning to stablecoins like USDC as a hedge against local currency depreciation.

Major platforms, including Korbit and Coinone, are launching aggressive promotional campaigns to boost stablecoin trading volumes. Korbit has eliminated USDC trading fees and initiated a rewards campaign offering 25,000 USDC, while Coinone is distributing 8,000 USDC weekly to its most active traders.

Current market dynamics show a clear divergence: traditional assets such as the KOSPI index, gold, and silver are experiencing rallies, while cryptocurrency prices remain stagnant. This environment is compelling exchanges to adapt their strategies, with stablecoins emerging as a critical new growth driver.

South Korea's largest exchanges, Upbit and Bithumb, are also capitalizing on this trend by expanding their stablecoin offerings to meet the surging demand. This strategic pivot highlights how macroeconomic pressures are actively reshaping crypto market behavior within Asia's fourth-largest economy.