South Korea’s top five won-based crypto exchanges sent a net 560.3 billion won, roughly $367 million, worth of stablecoins abroad in June 2026. This marks the eighteenth straight month of net outflows, extending a continuous trend since January 2025 when tracking began.
The exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax transferred 2.76 trillion won offshore during June while receiving 2.2 trillion won back. Despite the inflows, outflows continued to outpace returns, with June’s net figure climbing from 477.1 billion won in May but still below the record 1.14 trillion won seen in January.
Where the Money Goes
Data from the Financial Supervisory Service, shared by lawmaker Lee Jong-wook and reported by Yonhap News, suggests these stablecoins are primarily moving to access crypto derivatives, tokenized real-world assets, DeFi protocols, and staking services unavailable domestically. Overseas platforms offer futures and other instruments that South Korean exchanges don’t, driving demand for outbound stablecoin flows.
Net outflows for the second quarter hit 1.69 trillion won, paralleling Korean retail investors’ net overseas stock sales of 1.62 trillion won according to Korea Securities Depository figures. In June alone, overseas stock purchases exceeded sales by about 722 billion won, making stablecoin outflows roughly 77.6% of net overseas stock acquisitions. While the numbers align closely, it’s unclear if the same investors or strategies underlie both moves.
This sustained outflow trend highlights South Korean investors’ growing appetite for products beyond their domestic market’s reach. The shift also echoes patterns seen in other asset classes, reflecting a broader diversification of investment channels.
Material is informational and not financial advice.
