Upbit’s KRW-USDT market saw trading volume approach 200 billion won, or roughly 140 million USDT, on July 29, compared with about 20 million USDT on July 25. The move represented a 600% increase, with stablecoin turnover accelerating as South Korean equities came under heavy pressure.
The surge coincided with several days of losses that pushed the country’s stock market down nearly 18% during the week. Market commentary suggested some investors may have shifted funds toward crypto or overseas platforms to access stock-linked perpetual futures, but the timing shows correlation rather than confirmed capital migration.
Upbit’s order book provides the immediate measure of domestic stablecoin activity, while the broader question is whether elevated KRW-USDT turnover persists after equity volatility eases. The next test is whether a short-term defensive rotation develops into sustained crypto-market liquidity or fades with the stock-market shock.
Source: Upbit.
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