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KakaoPay stocks from South Korea rose over 200% due to expectations of a stablecoin.
KakaoPay stock – the leading payment platform in South Korea – surged 208% in the past month, from 30,800 to 94,700 won, amid expectations that the country will soon approve stablecoin. The momentum comes from the commitment to support the issuance of domestic stablecoin by the new President Lee Jae Myung, along with a proposed new law to expedite the licensing process.
Recently, KakaoPay also submitted applications for 6 types of stablecoin patents, including PKRW, KKRW, KRWP, KPKRW, KRWKP, and KRWK. The electronic wallet system with a surplus of 429 million USD gives KakaoPay a significant advantage in deploying stablecoins compared to its competitors.