Stablecoin balances in South Korea have fallen sharply since July even as stock inflows rise, underscoring a shift in where money is flowing.

The total amount of these so-called tokenized versions of fiat currencies held in wallets tied to South Korea’s five largest crypto exchanges have plunged 55%, with on-chain data pointing to a sharp wave of outflows triggered by the won’s break past 1,500 per dollar in mid-March.

Data from Allium Labs, tracking Ethereum and Tron wallets across Upbit, Bithumb, Coinone, Korbit, and GOPAX, shows that combined stablecoin holdings dropped from $575 million in July 2025 to roughly $188 million as of mid-March, with the decline accelerating as the won slid to 16-year lows against the dollar.