In the first half of 2024, the number of cryptocurrency investors in South Korea soared to 7.78 million, marking a 21% increase from the latter half of 2023, according to an official report.
The average daily trading volume also saw a dramatic rise, jumping from $2.61 billion to an impressive $64.35 billion.
Meanwhile, profits for 21 local centralized exchanges (CEXs) climbed 106% year-over-year, reaching $428 million.
According to an official report, the number of cryptocurrency investors in South Korea reached 7.78 million in the first half of 2024, an increase of 21% from the second half of 2023. The average daily trading volume increased from $2.61 billion to $64.35 billion. The profits of…
— Wu Blockchain (@WuBlockchain) October 31, 2024
Stablecoins Play Major Role In Country’s Crypto Ecosystem
Stablecoins play an increasingly crucial role in the country’s crypto ecosystem. The South Korean government reports that 10% of all domestic transactions are conducted using stablecoins.
Among them, $USDT (Tether) stands as the dominant choice, holding 72% of the stablecoin market. A significant portion of these transactions occurs on the TRON blockchain, favored for its low transaction fees and faster processing times compared to Ethereum.
Korean govt official: "10% of domestic trade txns uses stablecoins."$USDT dominates 72% of the stablecoin market, mainly on TRON blockchain, likely for its speed and low fees over ETH.
For whatever reason, the market chose #Tether and #TRON; they found a product-market fit. pic.twitter.com/pcfzniTGbS
— Ki Young Ju (@ki_young_ju) October 31, 2024
This substantial growth in South Korea’s crypto market underscores a wider trend in global crypto adoption and highlights the demand for stablecoins in maintaining transactional stability. TRON’s popularity as the preferred network for $USDT transactions indicates a growing awareness among South Korean traders of the need for cost-effective, efficient blockchain solutions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: nijieimu/123RF // Image Effects by Colorcinch