koreatimes71d ago
Cryptocurrency exchanges are stepping up marketing efforts centered on dollar-pegged stablecoins, which have seen rising demand amid a sharp increase in the won-dollar exchange rate, industry officials said Sunday. While the benchmark KOSPI, along with commodities such as gold and silver, has surged to historic levels, cryptocurrencies have been widely viewed as being left out of the rally, leaving exchanges struggling overall. Against this backdrop, the recent rise in the value of the U.S. dollar has boosted demand for stablecoins, prompting exchanges to capitalize on the trend and increase trading volumes. Korbit began waiving all trading fees for the dollar-pegged stablecoin USD Coin (USDC) last week. Issued by Circle, USDC is a stablecoin backed by the U.S. dollar, with each token designed to maintain a value of one dollar. In addition to the fee exemption, Korbit has launched a USDC trading campaign that will run through March. Users who record at least 10 million won ($6,900) in cumulative weekly USDC trading volume are eligible to share a reward pool totaling 25,000 USDC, with al