Dollar Stablecoins Trade About 30 Won Below Won-Dollar Rate on Upbit
Summary
- Upbit, a South Korean digital-asset exchange, said dollar-pegged stablecoins including Tether, USDC, USD1 and USDE were trading at around 1,503 won to 1,507 won.
- In Seoul's foreign-exchange market the same day, the won-dollar exchange rate rose above 1,540 won intraday and ended the daytime session at 1,539.1 won, about 30 won higher than those stablecoins.
- A decline in liquidity in South Korea's digital-asset market appears to have caused dollar stablecoins to trade below the exchange rate.
Forecast Trend Report by Period
Dollar-pegged stablecoins were trading below the won-dollar exchange rate on June 5.
On South Korean digital-asset exchange Upbit, Tether was trading at 1,506 won, up 0.80% from a day earlier. Other dollar stablecoins including USDC, USD1 and USDE were trading at 1,503 won to 1,507 won.
In Seoul's foreign-exchange market, the won-dollar rate opened at 1,529.0 per dollar, down 0.7 won from the previous session, before turning higher and rising above 1,540 won intraday. The daytime session ended at 1,539.1 won per dollar, up 9.4 won from the previous close.
Dollar stablecoins are pegged to the US currency and typically trade near the won-dollar exchange rate. But a recent drop in liquidity in South Korea's digital-asset market appears to have briefly pushed them below the exchange rate.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
