A dramatic surge in cryptocurrency transfers between South Korea and Cambodia has ignited concerns among financial regulators. Data from South Korea’s Financial Supervisory Service (FSS) reveals a staggering 1,400-fold increase in transactions between the two countries last year. This growth, according to FSS, involved dollar stablecoin transactions facilitated by Huione Guarantee, prompting urgent calls for increased oversight. 12.81 billion won ($9.28 million) was transacted through South Korea’s five largest crypto exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), highlighting the scale of this development. 1,400-fold increase in transactions is concerning for regulators as stablecoins offer quick and efficient cross-border transfers often with lower fees compared to traditional banking systems, but also pose a risk for illicit activities.