Stablecoins Take Over South Koreas Trade Sector Driven by Tether on Tron

Stablecoin Usage in Domestic Trade

In the Korean trade sector, stablecoins are becoming increasingly common. This follows a trader who received $1 million in trading fees in USDT, excluding the need for traditional bank documentation and delays.

An insider familiar with these trades says many small traders and individual business owners find stablecoins to be a cost-effective and efficient solution, especially because corporate accounts for such transactions are unavailable in Korea.

The market capitalization for the top stablecoins, including USDT, USDC, BUSD, DAI, and TUSD, has shown different trends from November 2023 to October 2024.

BUSD and DAI have experienced more fluctuations, especially during early 2024 and late 2024. DAI fell in November 2023 and October 2024, which could be due to market adjustments affecting its DeFi-linked structure.

Tethers Market Leadership

Between July 2022 and October 2024, USDT has steadily grown its market share, reaching over $120 billion by October 2024. USDC is still the second-largest stablecoin, although it has shown signs of stabilization at a lower level after early 2023.

BUSD has seen a sharp decline, possibly because of regulatory actions, while newer stablecoins like PYUSD continue to show modest growth.