The won's rising dominance is mainly due to the fee war between Korean crypto exchanges, according to research firm Kaiko.
The South Korean won became the world’s most-traded fiat currency against cryptocurrencies in the first quarter of 2024.
The won accounted for over $456 billion worth of trading volume on centralized crypto exchanges, topping the $455 billion in U.S. dollar volume, according to an April 15 research report by Kaiko.
The research firm attributes the rising dominance of the won to the “fee war” between Korean crypto exchanges. The report noted:
