- It reported that with the won·dollar exchange rate rising in October, dollar stablecoin trading increased sharply to 23.4 trillion won.
- It stated that the monthly trading value of stablecoins on the five domestic virtual asset exchanges increased 3.3 times in four months.
- The industry interpreted that investors, expecting further exchange rate increases, increased dollar purchases by trading stablecoins.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
23.4 trillion won in October alone
As the won·dollar exchange rate rose, trading in dollar stablecoins also increased significantly.
There is an interpretation that dollar demand for overseas investment increased at the same time as trading in stablecoins, a kind of dollar substitute, rose.
On the 29th, according to data the Bank of Korea submitted to Representative Cha Gyu-geun of the Party for National Innovation, the trading volume of dollar stablecoins (USDT·USDC·USDS) on the five domestic virtual asset exchanges (Upbit·Bithumb·Coinone·Korbit·Gopax) increased for four consecutive months from June through October.
The monthly trading value of stablecoins fell to a minimum of 5.2 trillion won in September last year and was 7.1 trillion won in June this year, then rose again to 11.3 trillion won in July, 12.1 trillion won in August, 16.9 trillion won in September, and 23.4 trillion won in October. In just four months, it increased 3.3 times.
However, it does not reach December last year (31.7 trillion won), when the overall coin market heated up on expectations of a second Trump administration.
This rebound in trading is linked to the rising exchange rate. The won·dollar exchange rate began to rise gradually from a low of 1,347.1 won at the end of June and exceeded the 1,400-won level at the end of September. After the Chuseok holiday in October, it showed a steeper rise.
Investors expecting further exchange-rate increases bought stablecoins from a dollar-buying perspective, and the industry views factors such as Bitcoin recording an all-time high in October and an improved overall coin market mood as reasons for the increase in trading.
Song-ryeol Lee, Hankyung.com reporter yisr0203@hankyung.com
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