Gate News: On March 23, the Korean won against the US dollar fell to 1,511 won, reaching the lowest level since 2009. The surge in the US dollar drove investors’ risk aversion. However, in the Korean cryptocurrency market, USDT experienced a rare discount, trading at about 1,503 won, nearly 0.5% below the spot exchange rate of the dollar.
Previously, retail investors in Korea often viewed USDT as a substitute for the dollar. During periods of weak won or market panic, they would bid higher than the dollar exchange rate to buy stablecoins. This phenomenon is known as the “Kimchi Premium.” During the market panic in October, USDT premiums once reached as high as 7.47%. But this round of won depreciation, coupled with geopolitical tensions, caused investors to avoid crypto speculation and shift to holding dollars and dollar-denominated assets, leading to USDT discounts.
The Seoul foreign exchange market opened at 1,504.9 won and briefly rose to 1,511.8 won during trading. The blockade of the Strait of Hormuz by Iran pushed up oil prices, increasing inflationary pressure on the won. Foreign investors sold a net 3,357 billion won worth of KOSPI stocks in the morning, triggering the sixth circuit breaker of the year. Geopolitical tensions and stock sell-offs jointly suppressed demand for stablecoins.
The USDT discount reflects that the cryptocurrency market, under current risk-averse conditions, has not been passively driven higher like traditional forex markets. As Trump issued a 48-hour ultimatum regarding the Strait of Hormuz, and Tehran threatened to permanently close the strait, short-term depreciation pressure on the won remains. As a trading tool denominated in won, USDT’s price trend may still face downward pressure.
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