On March 23, the Korean won depreciated against the US dollar to 1,511 won, reaching its lowest level since 2009, prompting investors to seek safe haven assets. In South Korea's crypto market, however, USDT experienced a rare discount, trading at approximately 0.5% below the US dollar spot rate. Geopolitical tensions and stock market selloffs have suppressed stablecoin demand, with the USDT discount reflecting heightened market risk-aversion sentiment.