South Korean Stablecoin Outflows Hit Record High
South Korea has seen its longest streak of monthly net stablecoin outflows continue into June, with over $367 million leaving the country's exchanges. The figure comes from Financial Supervisory Service (FSS) data obtained by Yonhap News Agency through People Power Party lawmaker Lee Jong-wook.
The five major crypto exchanges in South Korea - Upbit, Bithumb, Coinone, Korbit and Gopax - transferred a total of 2.7 trillion won ($1.81 billion) in stablecoins offshore in June, while receiving 2.2 trillion won ($1.44 billion) from foreign platforms.
Market participants attributed the transfers to demand for products restricted or unavailable on domestic exchanges, such as overseas derivatives, tokenized real-world assets (RWAs), decentralized finance and staking products.
The outflows come as South Korea works to complete a broader legal framework for digital assets. A policy report recently recommended that authorities introduce interim licensing guidance and phase in stablecoin regulations before the Digital Asset Basic Act is finalized.