As of March 23rd, stablecoin balances across South Korea's top five cryptocurrency exchanges have fallen by approximately 55% since July 2025. The pace of capital outflow further accelerated after the Korean Won breached the 1:1500 mark against the US Dollar in mid-March. Concurrently with the decline in stablecoin balances, capital inflows into the South Korean domestic stock market have increased, indicating a broad shift in investor allocation. This trend has been further fueled by "capital repatriation" accounts that benefit from tax incentives. This shift has propelled the Korea Composite Stock Price Index (KOSPI), led by semiconductors, to rise, while simultaneously draining retail liquidity from the crypto market. Future capital flows will be closely tied to the strength of the South Korean stock market's performance.