Korbit's New Ownership Amidst South Korea's Crypto Market Volatility

South Korean crypto exchanges Korbit, Coinone, Upbit, and Bithumb have reported a significant spike in stablecoin trading volumes following a sharp increase in won-dollar exchange rate volatility. The surge has seen Tether (USDT) trading volumes rise by 62% across the major platforms.

The recent jump in the won-dollar exchange rate to over 1,480 triggered the increased demand for stablecoins as traders sought to mitigate their exposure to currency fluctuations. In response, Korbit, Coinone, Upbit, and Bithumb have launched fee waivers on certain transactions.

Mirae Asset has taken control of Korbit after clearance, marking a significant development in the South Korean crypto market. However, both Bybit and Korbit have denied rumors of a potential deal between the two exchanges.