KRW ranks 3rd in fiat-based crypto trading volume at 25%

The South Korean won (KRW) accounted for about 25% of global fiat-based cryptocurrency trading volume, ranking third behind the U.S. dollar and the euro. The U.S. dollar held the largest share at approximately 49%, while the euro accounted for about 28%. KRW had previously ranked first in global fiat-to-crypto trading volume in Q1 2024, ahead of the U.S. dollar, but has now slipped to third behind the euro. South Korea's crypto market is dominated by fiat-based trading, with Upbit, the largest exchange, showing strong liquidity and slippage of around 0.005% to 0.02% for a 10 million won market buy order. Favorable trading conditions in South Korea and other regions continue to support demand, while changes in South Korea's crypto regulations and macroeconomic conditions could become key variables going forward.

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