The South Korean won took the position of most-used currency, topping the U.S. dollar, for trading crypto during the first quarter of 2024, according to research firm Kaiko. 

The cumulative won trade volume on centralized crypto exchanges during the period recorded $456 billion, while the U.S. dollar reported $445 billion, the data showed.

“In Q1 2024, the South Korean won surpassed the U.S. dollar in terms of cumulative trade volume,” Kaiko said in the data report.

South Korea hosts one of the world’s most active cryptocurrency markets. During the crypto bull run in March, the local crypto trade volume briefly topped that of the country’s stock market. 

Five fully licensed exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — dominate the local market, where front-runner …