South Korean Stablecoin Outflows Reach $367 Million as Crypto Slump Continues
Stablecoin outflows from South Korean exchanges to offshore platforms have continued despite the broader crypto market slump. In June, net stablecoin outflows totaled 560.3 billion won ($367 million), with a significant portion of these funds being used for derivatives trading not available on domestic exchanges.
The data submitted by the Financial Supervisory Service showed that 2.7625 trillion won ($1.81 billion) of stablecoins were transferred from South Korea's five biggest crypto exchanges to overseas platforms in June, while 2.2022 trillion won ($1.44 billion) was transferred in the opposite direction.
This marks the 18th consecutive month of net stablecoin outflows from South Korean exchanges, with a notable trend emerging as demand for foreign equities eased and stablecoin outflows continued. Stablecoin net outflows have risen to comprise around 77.6% of net overseas stock purchases in June, up from around 20% last year.
People Power Party lawmaker Lee Jong-wook called for a broad review of investor protection and oversight systems, citing the exposure of investors to high-risk derivatives and other products due to funds flowing to overseas exchanges.