USDT trades at Kimchi discount on Upbit amid rising USD/KRW rates

As of 11:08 KST on Dec. 9, the USD/KRW forex currency pair is trading at 1,435.40 KRW. In contrast, on the South Korean crypto exchange Upbit, the USDT/KRW pair is trading at 1,409 KRW, reflecting a "Kimchi discount." This indicates that USDT is trading cheaper in South Korean exchanges compared to the official forex rate.