Major South Korean banks including Kakao Bank, Kookmin Bank, and Industrial Bank of Korea witnessed significant stock gains following trademark filings related to stablecoin offerings. The surge reflects growing market interest despite Korea’s undefined stablecoin regulations.
Kakao Bank’s shares jumped 19.3% after submitting stablecoin trademark applications, while Kookmin Bank rose 13.38% to 122,000 won ($89) following similar filings. Industrial Bank of Korea experienced a 10.1% price increase late in June.
Financial experts warn the current market trajectory reflects a ‘stablecoin bubble,’ highlighting persistent gaps in comprehensive regulatory frameworks. The optimism stems partly from government officials’ crypto-friendly proposals, including plans to develop a Korean won-pegged stablecoin.