Leading South Korean cryptocurrency exchange Upbit has officially listed Raydium (RAY), introducing RAY trading pairs against both the Korean Won (KRW) and Tether (USDT). This milestone listing provides RAY with enhanced liquidity and access to Upbit's large, active user base. Following the announcement, RAY's price jumped over 34% during Asian market hours, recovering from recent declines and increasing its market capitalization to over $637 million.
Raydium is a decentralized exchange and automated market maker on the Solana blockchain, offering on-chain liquidity to the Serum ecosystem. The RAY token enables staking, yield farming, and governance within the protocol.
Upbit's listing facilitates direct trading in KRW, removing barriers for South Korean investors and potentially driving strong capital inflows. Additionally, the USDT pair caters to a global audience, expanding RAY's trading reach. This dual pairing also opens arbitrage and liquidity opportunities between local and international markets.
In a related development, Bithumb listed Huma Finance (HUMA) and Forta (FORT) on its KRW market, both tokens experiencing notable price rallies post-listing. South Korea remains one of the world's largest crypto markets, with KRW-denominated trading exceeding $663 billion in 2025 and high crypto adoption rates.
While the listing brings potential benefits such as increased visibility, liquidity, and price momentum for RAY, market participants are cautioned about crypto volatility and the possibility of price corrections following initial surges.