Key facts
- Upbit, South Korea's largest crypto exchange, saw $8 billion in weekly trading volume.
- XRP was the most traded asset on Upbit, surpassing Bitcoin and Tether.
- Korean retail traders deal directly in XRP/KRW pairs, bypassing dollar-based routes.
- XRP has held the top crypto position in South Korea on Upbit for extended stretches.
- Ripple has partnered with three South Korean banks for payment integrations.
- The SEC delayed Teucrium's leveraged XRP ETF to October 11.
South Korea's largest cryptocurrency exchange, Upbit, has recorded approximately $8 billion in weekly trading volume, a 6.74% increase from the previous week, with XRP emerging as the most traded asset, surpassing Bitcoin and Tether. This trend highlights a structural pattern where Korean retail traders, dealing directly in XRP/KRW pairs, favor XRP over Bitcoin, especially during periods of stress in the domestic equity market.
Upbit's KRW-native nature means its volume consists of local cash, bypassing dollar-based routes. This dominance of XRP over Bitcoin on the exchange is not a new phenomenon, having occurred previously, notably when institutional investors pursued a stake in Upbit's parent company, Dunamu. This deep liquidity is partly attributed to that institutional backdrop.
Ripple has been expanding its presence in South Korea, partnering with banks like Jeonbuk Bank to replace SWIFT with real-time payment solutions, following earlier integrations with Kyobo Life and Kbank. Additionally, a South Korean entity has launched XRP custody services for major domestic exchanges, indicating institutional adoption beyond retail enthusiasm.
While retail volume thrives on Upbit's spot order books, institutional capital appears to be rotating into regulated derivatives, with CME overtaking Binance as the largest XRP futures venue by open interest. XRP futures volume reached a six-month high in August. The current dynamic splits investor focus: Korea handles retail participation, while CME caters to institutional capital, with both segments growing concurrently.
Policy developments are also shaping the market. The Senate CLARITY Act vote is scheduled for September 15, and the SEC has delayed a decision on Teucrium's leveraged XRP ETF to October 11. Despite regulatory scrutiny, demand for XRP in South Korea remains robust.