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Stablecoin outflows from Korea to overseas exchanges topped 500 billion won ($346 million) in June, even as the crypto market underwent a correction, an opposition lawmaker said Sunday. The amount reached a level comparable to Korean investors’ net purchases of overseas stocks.
The persistent flow of funds abroad to access high-risk derivatives, real-world assets (RWA) and decentralized finance (DeFi) services unavailable in Korea is raising new concerns over investor protection and foreign-exchange management.
According to data provided by the Financial Supervisory Service (FSS) to Rep. Lee Jong-wook of the main opposition People Power Party, stablecoins worth 2.76 trillion won were transferred from the five domestic crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — to overseas exchanges in June.
That compared with 2.2 trillion won in stablecoins transferred from overseas exchanges to domestic platforms, resulting in a net outflow of 560.3 billion won.
