South Korean stablecoin outflows top $367M in June: Report

Stablecoins have been flowing out of South Korean exchanges for 18 consecutive months as regulators weigh tighter oversight of cross-border crypto activity.

South Korea saw 560.3 billion won ($367 million) in stablecoin outflows to overseas exchanges in June, extending the country’s streak of monthly net stablecoin outflows to 18 consecutive months. 

The figure comes from Financial Supervisory Service (FSS) data obtained by Yonhap News Agency through People Power Party lawmaker Lee Jong-wook. South Korea’s five major crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — transferred 2.7 trillion won ($1.81 billion) in stablecoins offshore in June and received 2.2 trillion won ($1.44 billion) from foreign platforms.

Market participants cited by Yonhap 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. 

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