South Korea Sees $367M in Stablecoin Outflows

South Korea's stablecoin outflows reached $367 million in June, marking the 18th consecutive month of net outflows. According to data from the Financial Supervisory Service (FSS), the country's five major exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, transferred a total of $1.81 billion worth of stablecoins offshore in June.

The figure is attributed to demand for products restricted or unavailable on domestic exchanges, such as overseas derivatives, tokenized real-world assets (RWAs), decentralized finance, and staking products.

Market participants cited by Yonhap News Agency pointed to the limitations of South Korea's current regulatory framework as a contributing factor to the outflows. People Power Party lawmaker Lee Jong-wook has called on the government to reassess its investor protection and supervisory frameworks in response.