South Korea crypto liquidity tumbles as stablecoin balances plunge 55% and stock buying rises

On-chain data shows a sharp drawdown in dollar-linked token holdings since July, with the latest wave triggered by won weakness. What to know : Stablecoin balances on South Korea’s top five crypto exchanges have dropped about 55% since July 2025, with outflows picking up after the won slid past 1,500 per dollar in mid-March. Stablecoin balances are falling even as inflows into domestic equities rise, hinting at a broader shift in investor positioning, supported by tax-favored “repatriation” accounts. The shift has helped power a semiconductor-led KOSPI rally while draining retail liquidity from crypto, tying future flows to the strength of Korea’s stock boom