Stablecoins have been flowing out of South Korean exchanges for 18 consecutive months as regulators weigh tighter oversight of cross-border crypto activity.
South Korea saw 560.3 billion won ($367 million) in stablecoin outflows to overseas exchanges in June, extending the country’s streak of monthly net stablecoin outflows to 18 consecutive months.&
The figure comes from Financial Supervisory Service (FSS) data obtained by Yonhap News Agency through People Power Party lawmaker Lee Jong-wook. South Korea’s five major crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — transferred 2.7 trillion won ($1.81 billion) in stablecoins offshore in June and received 2.2 trillion won ($1.44 billion) from foreign platforms.
Market participants cited by Yonhap attributed the transfers to demand for products restricted or unavailable on domestic exchanges, such as overseas derivatives, tokenized real-world assets (RWAs), decentralized finance and staking products.&
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