Crypto exchanges turn to dollar stablecoins as FX volatility grows
Cryptocurrency exchanges are stepping up marketing efforts centered on dollar-pegged stablecoins, which have seen rising demand amid a sharp increase in the won-dollar exchange rate, industry officials said Sunday.
While the benchmark KOSPI, along with commodities such as gold and silver, has surged to historic levels, cryptocurrencies have been widely viewed as being left out of the rally, leaving exchanges struggling overall. Against this backdrop, the recent rise in the value of the U.S. dollar has boosted demand for stablecoins, prompting exchanges to capitalize on the trend and increase trading volumes.
Korbit began waiving all trading fees for the dollar-pegged stablecoin USD Coin (USDC) last week. Issued by Circle, USDC is a…
