With the launch of the Lee Jae-myung government, there are expectations that discussions on the introduction of won-based stablecoins will be actively pursued, leading to continued strength in related stocks such as Kakao Pay.
As of 9:28 a.m. on the 10th, Kakao Pay is trading at 54,600 won, up 5,100 won (10.30%) from the previous trading day. In early trading, Kakao Pay even rose to 59,800 won, breaking its highest price in a year.
Recently, with the appointment of former Ministry of Economy and Finance Deputy Minister Kim Yong-beom as the new chief of the presidential policy office, expectations have been raised that the government's discussions on won-based stablecoins will be rapidly accelerated. Kim left public office in 2021 and has since served as CEO of Hashed Open Research, a think tank for the cryptocurrency investment firm Hashed.
Stablecoins refer to cryptocurrencies that are linked to the value of physical assets such as the dollar, and it is known that Kakao Pay and others are preparing to issue and distribute them.
Other major payment stocks such as Hecto Financial (14.01%), Samsung Card (1.47%), and KGINICIS (0.90%) are also on the rise at the same time.
Yoon Yu-dong, a researcher at NH Investment & Securities, noted, "In addition to the possibility of issuing stablecoins, the expansion of local currency budgets and expectations for the emergence of the token security (STO) market have led to substantial increases in related stock prices," adding, "It will take time for expectations to be proven in reality, but for the time being, volatility trends are expected to follow mentions of related issues."