South Korea’s Crypto Outflows Dominated by Stablecoins in Q1

In the first quarter of 2023, South Korea saw a significant surge in crypto withdrawals, with almost 57 trillion won ($40.6 billion) leaving for overseas exchanges. According to data from the Financial Supervisory Service, stablecoins played a major role, accounting for nearly half of these outflows – approximately 26.87 trillion won (or $47.3% ) – as users moved funds to platforms like Binance and Bybit.