Won exchange rate fluctuations are boosting stablecoin trading on Korean exchanges

SchrodingerAirdrop · 2026-02-16T18:01:51+00:00

The recent fluctuations in the Korean won's exchange rate have led to a surge in stablecoin trading, particularly Tether, as investors seek stability. Exchanges like Korbit and Coinone are capitalizing on this trend by implementing fee waivers and reward programs to attract users, while Upbit and Bithumb focus on new asset listings to boost engagement. Stablecoins are viewed as crucial during market downturns, serving as a key strategy for exchanges to secure trading volume and develop new revenue sources.

SchrodingerAirdrop

2026-02-16 18:01:51

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Last week, significant fluctuations were observed in the won exchange rate. On Wednesday, the won exceeded 1,480 per dollar, and in response to this exchange rate volatility, major Korean exchanges have rapidly increased trading of stablecoins. In particular, trading volume centered around Tether reached 378.2 billion won, marking a 62% increase compared to the previous week, indicating high market interest.

Strategic Responses of Exchanges During Currency Fluctuations

During periods of high exchange rate volatility, trading users tend to seek more stable assets. Against this backdrop, several Korean exchanges have simultaneously strengthened their stablecoin-related initiatives and deployed strategies to meet market demand. As the won exchange rate becomes more unpredictable, there is a noticeable shift toward stable assets, and exchanges are advancing measures aligned with this trend.

Korbit and Coinone Competition: Fee Waivers and Reward Programs

Korbit has waived trading fees for USDC since last week and launched a trading competition that will continue until March. They have introduced a system to distribute 25,000 USDC to individual investors whose weekly trading volume reaches 10 million won. Coinone has implemented similar measures, distributing 8,000 USDC weekly as rewards to participants. Both companies are actively running campaigns aimed at increasing trading volume and attracting customers.

Upbit and Bithumb’s New Listing Strategies: Differentiation Through Simultaneous USDe Launch

Upbit and Bithumb are expanding their businesses by listing new assets, including the synthetic stablecoin USDe provided by Ethena Labs. Upbit has launched its third promotional campaign, distributing Ethena tokens as rewards to top traders of USDe. By combining new asset listings with reward programs, these exchanges aim to retain users and increase trading volume.

When Market Conditions Are Tough, Stablecoins Play a Crucial Role

Industry insiders point out that during periods of market downturns, stablecoins serve more than just as a means of payment. They are strategically important for securing trading volume and developing new revenue streams. Amidst the turbulence caused by won exchange rate fluctuations, exchanges are focusing resources on the stablecoin sector, recognizing that this asset class could serve as a last refuge during adverse market conditions.

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