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A Bank of Korea study by researchers Kim Ji-hyun and Cho Sang-heum finds that stronger demand for dollar-pegged stablecoins can weaken local currencies such as the won, using Binance's direct trading between the Brazilian real and USDT/USDC as the test case. The transmission channel is FX: when investors can buy dollar stablecoins directly with local fiat on global exchanges, stablecoin demand becomes de facto dollar demand and feeds through to spot exchange rates rather than staying inside crypto markets. Watch whether Korean regulators use this framework to restrict won-denominated access to USDT/USDC or to accelerate a won stablecoin framework, and whether USD/KRW shows measurable sensitivity to stablecoin issuance growth.
As a Research signal, watch whether it changes price action, volatility, or flows around KRW=X.
Original Source: 블록미디어
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