The Bank of Korea has published an issue note showing that direct fiat-to-stablecoin trading pairs on Binance create a channel that carries demand for dollar-pegged stablecoins into foreign-exchange markets, pushing some local currencies lower. The note, “Stablecoin–FX Linkages: Evidence from Fiat–Stablecoin Pair Listings on a Global Exchange,” was released on 3 September 2026 by Kim Jihyun and Cho Sangheum, economists on the central bank’s International Finance Research Team.