Korea's won is crypto's second most traded currency, but a missing stablecoin law is pushing billions offshore

• —KRW pairs account for about 30% of global spot crypto volume, second only to the dollar
• —Net stablecoin outflows from Korea's five licensed exchanges hit KRW 14.92 trillion (~$10.4 billion) over 18 months
• —The Digital Asset Basic Act, which would license a won stablecoin, is stalled in committee over bank-led vs fintech issuance
• —Korea's active crypto user share fell from 35.7% to 19.5%, with aggregate holdings down 54.7%