Stocks of major South Korean banks surged after trademark filings filed to apply for stable shares, indicating a growing institutional interest in digital assets.
Shares of at least three South Korean banks that recently applied for the Stablecoin trademark won by South Korea rose 10% to 20%, according to Google Finance data. Market reactions show investors’ optimism about banks’ potential entry into the cryptocurrency sector.
The documents come shortly after the founding of Lee Jenmon, the country’s 21st President, on June 4. His campaign includes promises to cryptocurrencies, including Developing stable proteins won by Korea.
South Korean bank stocks surge amid Stablecoin hype
Data from the World Intellectual Property Organization (WIPO) shows that Kakao Bank Filed For the trademarks related to Stablecoin on June 23. Korean media platform industry news Report The company has applied for at least 12 encryption-related trademarks.
One day later, its share price Jumped up From 31,000 won ($22.6) to 37,000 won ($27), an increase of 19.3%.
Kookmin Bank, a subsidiary of KB Financial Group Filed For the trademarks related to Stablecoin on June 23. The group’s shares received modest initial gains the day after submission.
Its stock price the climb On June 24, at 112,300 won ($82), 107,600 won ($78) before submission increased by 4.3%.
However, its share price has been rising since its submission. At the time of writing, Kookmin Bank stock is trading at 122,000 won ($89), which has increased by 13.38% since applying for the Stablecoin trademark.
On June 27, Korea Industrial Bank also Filed For the Stablecoin trademark, its stock rose. The current stock of the bank trade It has risen 10.1% at 20,150 won ($14.7) since its submission for trade at 18,300 won ($13.3).
Cointelegraph contacted Kakao Bank, Kookmin Bank and Korea Industrial Bank for more information about its Stablecoin program, but received no response through publication.
Other major banks in the country are also Expressed their wing’s wishes And launch a stablecoin pegged to the country’s currency.
Related: South Korea’s new president will strengthen cryptocurrency, but scandals thrive
South Korea faces a “stable bubble”
100Y, four pillars of research director of crypto research company, explain On X, the current situation has put South Korea in a “Stablecoin bubble”.
Despite the lack of clear rules, banks have been signing Stablecoin Hype, which benefited from rising stock prices after trademarks related to Stablecoin.
Despite banks’ rush to capitalize on the momentum, South Korea lacks clear regulatory guidance for stablecoins, creating uncertainty around long-term viability, the researchers added.
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