A Bank of Korea study found that demand for dollar-backed stablecoins may be associated with depreciation in local currencies. The research identified a relationship between buying pressure in currencies paired with Binance markets and declines in their value. The study suggests that market makers balancing their positions may contribute to this pressure as stablecoin activity increases. The findings highlight a potential link between crypto-market trading flows and foreign-exchange movements, particularly in markets where local currencies are traded alongside dollar-backed digital assets. CoinDesk reported the study’s conclusions on Sept. 5, 2026. The research does not establish that stablecoin demand alone determines currency movements, but it points to market-making activity as a factor connecting crypto liquidity and local-currency performance.
