South Korea Crypto Liquidity Drops 55% as Stablecoin Balances Fall

• South Korea’s crypto liquidity is shrinking fast as stablecoin balances plunge 55% across major exchanges.
• A weakening won is driving traders to exit stablecoins and rotate capital into domestic equities.
• The KOSPI rally is drawing capital, raising the risk of a sharp reversal back into crypto if stocks falter.

South Korea’s crypto market is seeing a sharp liquidity drain as stablecoin balances collapse. Meanwhile, capital is rotating into equities amid currency pressure and a booming stock market.

On-chain data reveals that stablecoin holdings tied to South Korea’s top exchanges Upbit, Bithumb, Coinone, Korbit, and GOPAX have dropped by 55% since July 2025.

South Korea Crypto Liquidity Drops 55% Across Major Exchanges

According to data from Allium Labs, balances fell from around $575 million to roughly $188 million by mid-March. The decline accelerated…

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