Major South Korean Exchanges List USDT as Trading Volumes Rise
Bithumb, the second-largest crypto exchange in South Korea, has added support for the US dollar-pegged stablecoin USDT. This follows a similar listing by Coinone at the end of November. Both exchanges now offer support for USDT on the Tron blockchain protocol.
Regulatory Scrutiny and Delistings
In recent years, South Korean exchanges have faced increased scrutiny over the coins listed on their platforms. This has led to the removal of “kimchi coins,” low-cap altcoins popular in South Korea that were often used for price manipulation. Experts believe that regulators pressured exchanges to slim down their token offerings, resulting in multiple delisting events.
USDT’s Popularity in South Korea
USDT is widely used in South Korea and across Asia, with many traders using it to trade Bitcoin on peer-to-peer markets. However, until recently, domestic traders had to send their assets overseas and convert them into USDT before trading in other coins of their choice.
Bithumb’s Financial Results and USDT Listing
Bithumb posted disappointing financial results in Q3 2023 but hopes that listing USDT will revive its fortunes. The exchange is offering fractional Bitcoin rewards to customers who place maker orders as part of a promotion celebrating the new listing.
Controversies Surrounding USDT
Tether’s stablecoin has faced controversy regarding its USD reserves in the past. However, South Korean exchanges appear unconcerned, stating that Tether regularly updates audit reports and publishes reserve details.
The Future of USDT in South Korea
As trading volumes for USDT continue to rise, it is expected that more South Korean exchanges will list the stablecoin. This trend reflects the growing popularity of USDT and its role in facilitating cryptocurrency trading in the region.
Hot Take: USDT Expands its Presence in South Korea
The listing of USDT on major South Korean exchanges marks a significant development in the country’s crypto market. With the addition of Bithumb and Coinone, traders now have more options to access and trade USDT. This move is expected to boost liquidity and trading volumes for USDT, further solidifying its position as the leading stablecoin in South Korea. As regulatory scrutiny continues and exchanges clean up their token offerings, the listing of USDT demonstrates its resilience and acceptance in the market. It will be interesting to see how this development shapes the future of cryptocurrency trading in South Korea.
By
By
By
By