Data: South Korea's net outflow of stablecoins from overseas reached 560.3 billion won in June, showing a net export status for 18 consecutive months

According to Yonhap, according to Yonhap News Agency, the five major Korean cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) shipped 2.7625 trillion won to overseas exchanges in June of this year, with an inflow of 2.2022 trillion won and a net outflow of 560.3 billion won, which is equivalent to 77.6% of the net overseas stock purchases (about 722 billion won) by Korean investors during the same period. At the beginning of last year, that ratio was still around 20%.

According to the report, stablecoins have been in a net state of export for 18 consecutive months since the beginning of last year, in contrast to net sales of overseas stocks in some months. In the second quarter of this year alone, net stablecoin shipments were 1.6872 trillion won, while overseas stocks had a net sale of 1.6185 trillion won. These outbound stablecoins are thought to be mainly used for derivatives transactions not provided by domestic exchanges in Korea. In addition to cryptocurrency futures, overseas exchanges have also recently launched spot and futures products for major Korean stocks such as Samsung Electronics, SK Hynix, and Hyundai Motor. Some highly leveraged products can add tens of times leverage to indices or individual stocks.