Kakao Pay was suspended from transactions again after its stock price surged due to the 'stable coin' craze just two trading days later.
According to the Korea Exchange on the 26th, Kakao Pay was subjected to trading suspension due to being designated as a risky investment item. Trading will resume on the 27th. Kakao Pay also had its transaction halted on the 24th. This was because its stock price rose even after being classified as an investment warning item. The stock was freed the previous day, only to be suspended again the very next day.
The Korea Exchange designates stocks with rapidly rising prices over a certain period as market alert items: investment caution → investment warning → investment risk. Transactions can be halted at the investment warning and risk stages.
Kakao Pay’s stock price soared from 37,850 won at the end of last month to 114,000 won during trading on the 25th. The anticipation that it would launch a stable coin service drove up Kakao Pay’s stock price.
A stable coin is a virtual asset designed to maintain a stable price linked to the value of fiat currencies, including the U.S. dollar. It's like '1 dollar=1 coin.'
In the United States, the GENIUS Act related to stable coins has passed the Senate, and in Korea, a law related to won-based stable coins has been proposed following the establishment of the new government, igniting interest in thematic stocks.
However, it remains uncertain whether the stock price will continue to rise. The U.S. Circle (CRCL), which played a leading role in the recent stable coin craze, debuted at a public offering price of $31 on the 5th (local time) and saw a vertical rise to $298.99 during trading on the 23rd. It then fell for two consecutive trading days, closing at $198.62 on the 25th.