South Korea saw crypto outflows reach approximately 57 trillion won (about $40.6 billion) in the first quarter of 2025. Stablecoins such as Tether (USDT) and USD Coin (USDC) accounted for nearly 47.3% of these overseas transfers, according to lawmaker Min Byung-duk, who cited data from the Financial Supervisory Service. The transfers were made from major exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax.
The report highlights that stablecoins serve a central role as bridge currencies for South Koreans purchasing tokens on overseas platforms like Binance and Bybit. However, outflows of stablecoins declined in March as the broader crypto market slowed and fewer users moved funds abroad. The news reflects the country's increasing crypto adoption, with about 32% of the population holding crypto accounts by early 2024. Furthermore, crypto ownership was reported by almost 20% of public officials who filed asset declarations.
