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A Bank of Korea study links buying pressure in Binance's local-currency stablecoin pairs to depreciation in those currencies, as market makers offset inventory by selling the local unit and buying dollars. The channel effectively turns retail stablecoin demand into a real FX bid for USD, adding a structural drag on the won and other EM currencies alongside conventional flow drivers, and strengthening the policy case in Seoul for a regulated won-denominated stablecoin. Watch whether USD/KRW pressure persists during periods of heavy USDT/USDC issuance and how the coming Korean stablecoin framework treats domestic issuance, since onshore won tokens would blunt the offshore dollar-conversion leg.
As a Research signal, watch whether it changes price action, volatility, or flows around KRW=X, USDT.
Original Source: CoinDesk
This page is market information analysis, not investment advice.
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