Stablecoin Balances Decline on South Korean Exchanges Amid Currency Shift

Stablecoin balances on South Korea's five largest cryptocurrency exchanges have decreased by 55% since July 2025, according to NS3.AI. The total dropped from $575 million to approximately $188 million by mid-March. This decline accelerated as the South Korean won surpassed 1,500 per dollar in mid-March, prompting investors to sell dollar-linked tokens and convert back into won. Additionally, brokerage deposits fell from around ₩131 trillion to about ₩112 trillion following the currency movement, suggesting that capital was being redirected into domestic equities.