Crypto exchanges push dollar stablecoins as FX volatility rises

Cryptocurrency exchanges are increasing promotions around dollar-pegged stablecoins as foreign exchange volatility drives demand.

Industry officials said the sharp rise in the won–dollar exchange rate has boosted interest in dollar-linked crypto products.

Local exchanges have struggled as cryptocurrencies lag rallies in equities, gold and silver.

Korbit waived all trading fees for USD Coin and launched a USDC trading campaign running through March.

Users trading at least 10 million won in USDC per week can share a 25,000 USDC reward pool based on volume.

Coinone introduced a similar campaign, offering a weekly reward pool of 8,000 USDC to active traders.

Upbit and Bithumb have expanded stablecoin offerings by listing USDe, also known as Ethena USD.

The exchanges rolled out additional promotions to encourage trading in newly listed stablecoins.

On-chain data showed stablecoin trading volumes surged as the exchange rate passed 1,480 won per dollar.

An industry official said exchanges are using stablecoins to support volumes and revenue during a market slowdown.