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South Korean stablecoin outflows hit $367M in June, extending streak
Outflows totaled 560.3 billion won ($367 million) to overseas exchanges in June, while major platforms sent 2.7 trillion won ($1.81 billion) in stablecoins offshore.
South Korea saw stablecoin outflows to overseas exchanges of 560.3 billion won, about $367 million, in June, extending a streak of monthly net stablecoin outflows to 18 consecutive months, according to Financial Supervisory Service data shared with Yonhap News Agency.
Cointelegraph reports that South Korea’s five major crypto exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, transferred 2.7 trillion won, about $1.81 billion, in stablecoins offshore in June, and received 2.2 trillion won, about $1.44 billion, from foreign platforms.
Market participants cited by Yonhap linked the transfers to demand for products that are restricted or unavailable on domestic exchanges, including overseas derivatives, tokenized real-world assets, decentralized finance, and staking products.
The outflows come as South Korea continues work on a broader digital asset legal framework, with a policy report recommending interim licensing guidance and a phased approach to stablecoin regulation before the Digital Asset Basic Act is finalized, while lawmakers weigh disagreements over which institutions can issue won-pegged stablecoins.