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sjUSD, a Korean stablecoin, rose to 1,346 Korean won on Tuesday, according to BeInCrypto data, marking a 3% gain from last week’s trading levels. The move has drawn heightened attention from Korean traders because sjUSD is designed to remain pegged to the U.S. dollar, yet it has shown notable volatility against the won.
Trading activity around sjUSD surged this week. Upbit, Seoul’s largest crypto exchange, reported sjUSD volume increased by 15% compared with the previous seven days. The exchange rate shifted from 1,306 KRW on March 15 to 1,346 KRW, a change that some traders said caught the market off guard while also creating arbitrage opportunities.
On March 22, Shinhan Bank said it is looking into blockchain technology for cross-border payments that could include sjUSD. The bank’s spokesperson did not provide further details, but confirmed early discussions about adding stablecoins to its payment systems.
Industry commentary also points to unusual volatility. Seoul Financial Group analyst Kim Joon-ho said in a note that the volatility seen in sjUSD is not typical for stablecoins, attributing the swings to fluctuations in the Korean won.
Separately, the Korea Blockchain Association reported on March 20 that stablecoin usage in domestic transactions doubled over the past year. It also said stablecoins account for about 20% of cross-border transactions in the region, a higher share than many had expected.
Regulatory attention has increased alongside the price move. The Financial Supervisory Service said on March 21 that it is closely monitoring stablecoin transactions. FSS Director Lee Sung-kyung said maintaining transparency in digital transactions is “crucial for financial stability.”
The Ministry of Finance has not publicly detailed specific responses to the exchange-rate changes, but sources indicated it is considering new tracking measures for stablecoins such as sjUSD. A ministry spokesperson said on March 18 that the government wants better compliance with national financial regulations, though no specific policies have been announced.
The Bank of Korea has not issued formal statements on sjUSD’s volatility, leaving some traders concerned about whether intervention could occur. Market participants are reportedly waiting for regulatory announcements that could affect trading strategies.
The Korea Exchange (KRX) announced on March 20 that it plans to explore listing options for digital assets, including stablecoins. If KRX proceeds with the initiative, it could change how sjUSD is traded and valued in Korean markets.
Despite regulatory uncertainty, sentiment among Korean investors appears positive. A Korea Blockchain Industry Association survey released on March 19 found that 68% of respondents view stablecoins as safer investments than other cryptocurrencies, citing stability and global transaction utility.
Local fintech company Coinplug is also working on a platform to make sjUSD-to-won conversions easier. CEO Ryan Uhr said on March 21 that the platform could launch in the third quarter of 2026, targeting both retail and institutional investors.
The report suggests the sjUSD surge is not only driven by speculation. Korean businesses are reportedly increasing use of stablecoins for cross-border payments, remittances, and some domestic transactions. The practical use cases are described as growing faster than many analysts predicted.
Major conglomerates are also reportedly positioning for wider stablecoin adoption. Samsung SDS announced internal blockchain pilots last month that could eventually support sjUSD transactions across supply chain operations. LG Electronics has been testing stablecoin payments with overseas suppliers since February, though it has not disclosed transaction volumes.
International conditions may be contributing to sjUSD demand in Korea. The report cites Federal Reserve policy signals that have strengthened dollar demand globally, while Korean investors face additional barriers accessing traditional USD markets due to capital controls and banking restrictions. It also notes that currency hedging costs through traditional channels have increased 40% since January, making stablecoins a more economically viable route for some businesses and investors seeking dollar exposure.
With sjUSD up 3% to 1,346 KRW, the next few weeks are expected to determine whether the increase is sustainable or a temporary spike tied to higher trading activity and regulatory speculation.
The report attributes the move to increased trading volume on Korean exchanges and growing stablecoin adoption for cross-border transactions, driving the rate from 1,306 KRW to 1,346 KRW.
Yes. The Financial Supervisory Service and the Ministry of Finance are monitoring stablecoin transactions more closely and considering new tracking measures for compliance.
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