Dual South Korean listings send Ethereum layer-2 token AZTEC surging 82%

CoinDesk

by Shaurya Malwa

February 20, 2026

AI-Generated Deep Dive Summary

South Korean exchanges Upbit and Bithumb recently added local currency pairs for AZTEC (AZTEC), an Ethereum-based layer-2 token focused on privacy using zero-knowledge proofs. This move triggered a 82% surge in its price, reaching around $0.035 within 24 hours. The listings allowed South Korean traders to purchase the token directly with their native currency (KRW), bypassing the need for intermediary steps like USDT. This accessibility, combined with South Korea's high crypto-trading volume relative to population, created significant demand and drove up AZTEC's price. South Korea remains a major player in crypto trading, often contributing to phenomena like the "kimchi premium." This occurs when Korean prices for tokens rise above global prices due to high local demand. Initially, arbitrageurs may buy on global exchanges and sell locally, but as liquidity increases, prices tend to stabilize. AZTEC's surge exemplifies this pattern, with its price spike drawing attention before potential arbitrage activity begins to balance the market. The listings also highlight the importance of strategic partnerships for smaller tokens like AZTEC. By offering a unique narrative beyond mere trading hype—such as privacy-focused transactions on a public chain—it gains credibility and appeal. This combination of technological innovation and increased accessibility

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Originally published on CoinDesk on 2/20/2026