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A Bank of Korea issue note released on the 3rd, covering 12 fiat-to-dollar-stablecoin pairs supported by Binance from 2019 to 2025, found that enabling direct trading between local currency and USDT or USDC compresses the local stablecoin premium by an average 0.33 to 0.38 percentage point. The arbitrage channel that normally clears that premium via cross-border flows shifts onshore, so a stablecoin demand shock lands more directly on the spot currency and can feed exchange-rate volatility, a live consideration for USD/KRW given Korea's persistent domestic crypto premium. Watch whether Korean policy allows won-denominated pairs against dollar stablecoins and how won-stablecoin rules are framed, since that decision determines whether premium compression comes with added FX pass-through.
As a Research signal, watch whether it changes price action, volatility, or flows around USDT, KRW=X, USDC.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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