South Korea Sees Massive Crypto Outflows, Stablecoins Lead the Way
In the first quarter of 2024, South Korea experienced a significant outflow of cryptocurrencies, totaling nearly 57 trillion won. This figure, revealed by Democratic Party lawmaker Min Byung-duk, highlights the growing trend of users moving funds to overseas exchanges.
Of the 56.8 trillion won transferred, almost half—26.87 trillion won—was in stablecoins such as Tether (USDT) and USD Coin (USDC). These digital assets are favored for their stability and ease of use in international transactions. Byung-duk cited data from the Financial Supervisory Service, which tracked movements from major exchanges like Upbit and Bithumb.
Stablecoins are popular for buying tokens on global platforms like Binance and Bybit. However, their outflow slowed in March as the crypto market cooled down.
Crypto adoption in South Korea continues to rise. As of February,16.29 million people—about 32% of the population—had crypto accounts. This growth is evident across various sectors, including public officials. Nearly one in five officials reported holding crypto in their asset declarations.
some high-ranking officials, such as the Secretary general of the Labor-Management Development Foundation, are among those who own crypto. This trend underscores the increasing acceptance of digital assets in the country.
