Meme Coins and Stablecoins Drive Upbit's Volume, Sparking Regulatory Concerns

The South Korean cryptocurrency exchange Upbit has reported a 4% decline in total trading volume over the past 30 days, with XPL, MIRA, and USDT emerging as the top three trading pairs by volume as of September 2025title1^[1]. According to data from Coinranking and Coingecko, XPL/KRW led the rankings with a 24-hour volume of $613.66 million, accounting for 19.67% of Upbit’s total spot market activitytitle2^[2]. MIRA/KRW followed closely with $440.42 million (14.14% share), while USDT/KRW secured the third position at $258.39 million (8.29% share)title3^[3]. These figures highlight the growing influence of meme-inspired and stablecoin-driven assets in Upbit’s trading ecosystem, despite broader market volatility.

The performance of XPL and MIRA aligns with recent trends in the meme coin sector, where community-driven projects have gained traction among retail investors. XPL, a token associated with meme culture, and MIRA, a decentralized identity platform, both exhibit high liquidity and active trading volumes on Upbit. USDT, the dominant stablecoin, maintained its role as a liquidity hub, facilitating cross-market trades amid fluctuating crypto pricestitle4^[4]. Analysts note that the combination of speculative demand for meme coins and the utility of stablecoins like USDT has created a unique dynamic in Upbit’s order bookstitle5^[5].

Upbit’s total 30-day volume stood at $79.6 billion, annualized to $968.4 billion, but lagged behind industry peers, which saw a 3% increase in the same periodtitle6^[6]. The exchange’s recent acquisition by Naver, a South Korean internet giant, has not yet translated into a volume surge, with internal metrics indicating underperformance relative to centralized exchangestitle1^[1]. However, Upbit’s strategic initiatives, including the launch of its Ethereum Layer 2 blockchain GIWA, aim to enhance scalability and attract developers to its infrastructuretitle7^[7].

The dominance of XPL and MIRA in Upbit’s rankings reflects broader shifts in investor behavior. Meme coins, once dismissed as speculative noise, have carved a niche in the crypto market by leveraging social media virality and decentralized community governance. For instance, projects like MEW—a Solana-based meme coin—have demonstrated how narrative-driven tokens can bridge Web2 and Web3 audiences through accessible branding and multiplatform engagementtitle8^[8]. While XPL and MIRA lack such elaborate storytelling, their performance underscores the role of liquidity and trading incentives in driving volume on centralized exchangestitle2^[2].

Market analysts caution that Upbit’s reliance on meme and stablecoin pairs could expose the platform to regulatory scrutiny, particularly in jurisdictions with stringent crypto advertising laws. The exchange’s Trust Score of 8/10, as calculated by CoinGecko, reflects strong liquidity and cybersecurity measures but highlights gaps in proof-of-reserves and API coveragetitle9^[9]. Additionally, the anomaly flags on several high-volume pairs, including XRP and ETH, suggest potential discrepancies in reported trading activitytitle6^[6]. These factors could impact investor confidence if not addressed transparently.

The broader implications of Upbit’s volume trends extend to the competitive landscape of Asian crypto exchanges. While Binance and Bybit dominate global rankings, regional players like Upbit are capitalizing on localized demand for meme coins and stablecoin arbitrage. The exchange’s recent expansion into Southeast Asia, coupled with Naver’s user base integration, positions it to challenge incumbents in the short termtitle10^[10]. However, sustained growth will depend on its ability to balance speculative assets with institutional-grade infrastructure and regulatory compliance.