South Korea's Stablecoin Exchanges Haemorrhage $10.8 Billion in 18 Months

The South Korean won-market cryptocurrency exchanges have experienced a significant net outflow of approximately $10.8 billion in stablecoins over the past 18 months, according to data released by People Power Party lawmaker Lee Jong-wook.

The largest share of this outflow came from Upbit, with net withdrawals totaling around $6.6 billion, followed closely by Bithumb at $1.9 billion and Coinone at $1.9 billion.

This trend coincided with a period of heightened volatility in global cryptocurrency markets and increased regulatory scrutiny in South Korea.

The sustained outflows suggest that domestic traders are opting for international platforms, which often offer a wider range of trading pairs and less stringent regulatory oversight.