NAVER and Kakao, which had been seen as left out of the recent KOSPI rally, were both strong on the afternoon of the 23rd. The gains appear to be driven by buying on growing expectations for the institutionalization of stablecoins.
As of 2:50 p.m. that day, Kakao Pay was trading at 67,800 won on the main board, up 15,600 won (29.89%) from the previous session. Kakao shares were also up 4.45%.
At the same time, NAVER was trading at 265,000 won, up 19,500 won (7.94%) from the day before.
Earlier, news that Min Byung-deok of the Democratic Party of Korea said at a luncheon of the "KOSPI 5000 special committee" presided over by President Lee Jae-myung that leveraging digital assets is necessary to break through the KOSDAQ 3000 level appears to have heightened expectations for the institutionalization of stablecoins.
Min was said to have cited the case of a won-denominated stablecoin and proposed that the use of digital assets by KOSDAQ-listed companies could lead to market revitalization.