Korean Stablecoin Outflows Hit New High at $367M
The financial watchdog in South Korea has reported that stablecoin outflows from domestic exchanges to foreign platforms exceeded $367 million in June. This marks the 18th consecutive month of net stablecoin outflows, with a total outflow of 560.3 billion won.
According to data obtained by People Power Party lawmaker Lee Jong-wook, South Korea's five major crypto exchanges - Upbit, Bithumb, Coinone, Korbit, and Gopax - transferred 2.7 trillion won in stablecoins offshore in June, while receiving only 2.2 trillion won from foreign platforms.
Market participants attributed the transfers to demand for products restricted or unavailable on domestic exchanges, such as overseas derivatives and tokenized real-world assets (RWAs).
Lee has called on the government to reassess its investor protection and supervisory frameworks, saying 'The government must comprehensively examine its investor protection and supervisory frameworks again and move swiftly to improve regulations.'