South Korea's Crypto Boom: Won Dominates Trading as Exchanges Set New Records

South Korean crypto exchanges are expected to reach a record trading volume of $663 billion by 2025, putting the Korean won as the second-largest currency for crypto transactions worldwide after only the US dollar. With around 16. 2 million South Koreans owning crypto accounts, major Korean platforms routinely register daily transactions surpassing $12 billion, indicating robust liquidity and public interest. Still the most often traded cryptocurrencies on these venues are Bitcoin and Ethereum.

Mostly governing the national crypto market, Upbit and Bithumb are the main exchanges. Offering more than 180 listed cryptocurrencies, Upbit—the biggest—boasts a 24-hour trading volume of about $4. 38 billion as of July 2025. With many foreign certifications and a strong compliance structure, it is well known for its strict security and transparency practices, which help to explain its large market share and investor confidence.

With cryptocurrencies such XRP, Stellar (XLM), and Bounce (AUCTION) each reaching daily trade volumes in the hundreds of millions of dollars, recent trends reveal a significant increase in altcoin trading volumes. South Korea's general power in the crypto market is still great despite sporadic market fluctuations, mostly as a result of laws meant to increase investor protection and openness. South Korea's role as a major worldwide crypto trading hub is confirmed by this regulatory clarity, which is combined with more institutional and retail investor involvement setting benchmarks for security and transparency in the Asian market.