South Korea Overtakes Japan as Second-Largest Crypto Holder

South Korea ranks second globally in cryptocurrency holdings, according to Chainalysis' 2026 Global Crypto Adoption Index. The country trails only the United States and has a significant lead over other major economies such as Japan and Nigeria.

The index measures on-chain holdings, which include cryptocurrencies held in personal wallets, exchanges, and other services. South Korea's ranking suggests that retail investors are driving the market, with individuals accounting for 99.9% of users at domestic virtual asset service providers.

Stablecoins have gained traction in Asia-Pacific, including South Korea, where transactions reached $5.3 billion from January to August this year. However, a tax set to take effect next year could trigger an exodus of funds, with 73.1% of respondents in a Tiger Research survey saying they are likely to reduce their use of domestic exchanges.