The Korean won's recent volatility, reaching 1,480 against the U.S. dollar, has significantly increased demand for USD stablecoins in South Korea. Tether (USDT) trading volume on the country's top five exchanges surged by 62% to 378.2 billion KRW. In response, exchanges like Korbit and Coinone have introduced incentives to attract traders. Korbit waived trading fees for USDC and launched a competition offering 25,000 USDC in rewards, while Coinone is distributing 8,000 USDC weekly to active traders. Meanwhile, Upbit and Bithumb are expanding their offerings by listing new assets and launching USDe, a synthetic stablecoin from Ethena Labs. Upbit has also initiated promotional campaigns, rewarding top USDe traders with Ethena tokens. Industry experts highlight that stablecoins are crucial for maintaining trading volume and generating new revenue streams during market downturns.
KRW Volatility Spurs Surge in USD Stablecoin Trading in South Korea
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