Kakao Pay shares were strong early on the 26th. As expectations grew for the legalization of a won stablecoin, buying sentiment flowed into related stocks.
As of 9:18 a.m. that day, Kakao Pay shares were trading at 72,000 won on the Korea Exchange, up 6.19% (4,200 won) from the previous session.
News emerged that at a luncheon of the KOSPI 5000 special committee chaired by Lee Jae-myung on the 22nd, Rep. Min Byung-deok of the Democratic Party of Korea mentioned digital assets.
At the luncheon, Min reportedly cited a won stablecoin case, saying digital assets should be leveraged to break through the 3,000 level on KOSDAQ.
In the securities industry, analysis also said expectations are growing for linking Kakao Pay with artificial intelligence (AI) and stablecoins.
Kim Jin-gu, a researcher at Kiwoom Securities, said, "Through stablecoins, the company's AI-based intrinsic value can be realized as an increase in the company's valuation," adding, "This will appear as a competitive edge for platforms in key specialized affiliates such as payments, investing, commerce or entertainment."