South Korea’s KakaoPay has seen its stock price more than triple over the past month, rising over 200%, as investors expect the company to get involved in stablecoins soon. KakaoPay is part of Kakao, one of the country’s biggest tech companies.
The stock jumped from 30,800 Korean won ($22.25) on May 23 to 94,700 won ($68.60), according to Google Finance. On Monday morning alone, the shares rose another 17.3% while the market was still open.
This sharp increase began after South Korea’s newly elected president, Lee Jae Myung, announced plans to support Korean won–backed stablecoins and collaborate with private companies like KakaoPay to make that vision a reality.
KakaoPay Files Six Stablecoin Patents
Earlier this month, a South Korean lawmaker introduced a bill aimed at speeding up the approval process for Korean won–backed stablecoins, aligning with President Lee’s broader crypto agenda.
Fueling further speculation about KakaoPay’s stablecoin ambitions, the company filed applications last week for six different stablecoin trademarks: PKRW, KKRW, KRWP, KPKRW, KRWKP, and KRWK. These proposed ticker symbols appear to combine Kakao or KakaoPay with the Korean won (KRW).
The filings were made under three key categories: electronics, financial services, and IT development. Within the financial services section, the applications covered activities such as cryptocurrency transfers, brokerages, electronic payments, and token issuance.
KakaoPay to Lead South Korea’s Stablecoin Market
A report by Eugene Investment and Securities says KakaoPay is the most likely winner in the country’s shift toward stablecoins. Its business model is already well-suited for such a transition.
The report explains that issuing stablecoins requires a strong pool of collateral assets held in reserve, and KakaoPay already holds about $429 million in user prepaid balances, far ahead of its competitors. This top-up wallet system gives the company a natural advantage in adopting and issuing stablecoins efficiently.
As South Korea moves closer to officially embracing stablecoins, KakaoPay stands out as a key player ready to capitalize on this shift. Whether regulatory approval comes quickly or gradually, the company’s existing infrastructure, financial position, and government support place it in a strong position to lead the next phase of digital finance in the country.
