KOSDAQ-listed Aroot shares were strong early on the 2nd. Buying is seen as piling in on news that the company will enter the next-generation financial infrastructure stablecoin market.
As of 9:29 a.m. that day, Aroot was trading at 2,210 won, up 510 won (30.00%) from the previous session. It shot straight to the upper price limit (the top of the daily price band) right after the open.
Aroot said before the regular session opened that it had passed preliminary screening by the Astana Financial Services Authority (AFSA), the regulator of the Astana International Financial Centre (AIFC), for its stablecoin issuance and settlement business.
AIFC is a special financial jurisdiction that operates an independent legal and judicial system based on English common law. Recently, AIFC launched a pilot project allowing regulatory and license-related expenses to be paid in stablecoins.
Aroot plans to begin the main review process to obtain a license to issue its own dollar (USD)-based stablecoin, starting from this preliminary screening.
A company official said, "Starting with this preliminary screening approval, we will build our own stablecoin ecosystem with global-level stability and scalability."