Stablecoins Represent 50% of South Korea’s Crypto Outflows in Q1

Breaking down the figures, Min Byung-duk reported that approximately 56.8 trillion won (around $40.6 billion) in digital assets were transferred abroad between January and March 2025. These transfers originated from five major South Korean exchanges: Upbit, Bithumb, Coinone, Cobbit, and Gopax. Of this amount, 26.87 trillion won, or 47.3%, was comprised of stablecoins such as Tether (USDT) and USD Coin (USDC), reflecting the popularity of these assets for cross-border transactions.

This preference for stablecoins is attributed mainly to their role as key trading pairs on global platforms like Binance and Bybit, making them a convenient vehicle for accessing overseas markets. However, the report also notes that stablecoin outflows dipped in March, aligning with a broader market cooldown and a decline in user activity on foreign exchanges.

Meanwhile, cryptocurrency adoption within South Korea continues on an upward trajectory. As of February, 16.29 million people, roughly 32% of the population, held cryptocurrency accounts. This data , presented to Rep. Cha Gyu-geun of the Rebuilding Korea Party, draws from account numbers across the country’s top exchanges and illustrates steady growth in user participation leading into 2024.

Notably, the expansion of crypto ownership is not limited to private investors. Public officials are increasingly participating in the digital asset market as well. Looking ahead, the country’s policy landscape may shift further toward crypto-friendliness. Lee Jae-myung, leader of the Democratic Party and a leading candidate in the June 3 presidential election, has pledged to legalize spot cryptocurrency ETFs and implement pro-crypto reforms if elected, potentially marking a new era for South Korea’s digital asset ecosystem.

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