Stablecoins account for nearly 50% of South Korea’s crypto outflows in Q1, officials say
Korea’s crypto outflows hit nearly 57 trillion won in Q1, with stablecoins making up almost half as users move funds to overseas exchanges.
Almost half of the cryptocurrencies sent abroad from South Korea’s major crypto exchanges in Q1 were dollar-based stablecoins, Democratic Party lawmaker Min Byung-duk revealed, citing data from the Financial Supervisory Service.
According to Byung-duk, around 56.8 trillion won (around $40.6 billion) worth of cryptocurrencies were transferred overseas between January and March from five crypto exchanges: Upbit, Bithumb, Coinone, Cobbit, and Gopax. Of this amount, 26.87 trillion won, or 47.3%, was in stablecoins like Tether (USDT) and USD Coin (USDC).
The report notes that…
