According to CoinMeta, researchers from the Bank of Korea have found that in markets where Binance has launched direct trading pairs with US dollar stablecoins such as USDT and USDC, there is a correlation between increased demand for stablecoins and the depreciation of the local currency. The study suggests that after investors purchase stablecoins with the local currency, market makers may sell the local currency and buy US dollars in the foreign exchange market to balance their positions, thereby creating a channel through which the demand for stablecoins is transmitted to exchange rates.