Major South Korean banks saw stock prices rise after filing for stablecoin-related trademarks.
- Kakao Bank stock rose over 19% after filing stablecoin trademarks
- Kookmin and Industrial Bank of Korea also reported stock gains
- Experts warn of a possible stablecoin bubble without clear laws
South Korean Banks Show Growing Crypto Interest
Several large banks in South Korea have filed for stablecoin trademarks. These filings suggest that banks may enter the crypto space soon. Kakao Bank submitted 12 different crypto-related trademark applications on June 23. The next day, its shares jumped by 19.3%, from $22.60 to $27.
Kookmin Bank, which is part of KB Financial Group, also filed for stablecoin trademarks on the same day. Its stock saw a smaller jump — it rose from $78 to $82 the day after the filing. As of now, the stock is trading at $89, showing a total increase of 13.38%.
More Banks Join In
On June 27, the Industrial Bank of Korea filed for its own set of stablecoin trademarks. The bank’s stock increased from $13.30 to $14.70, marking a 10.1% rise since its filing. These actions show that the traditional banking sector in South Korea is getting more interested in digital assets.
Crypto is becoming a focus in the country’s politics as well. South Korea’s new President, Lee Jae-myung, supports crypto adoption. His plans include launching a Korean won-backed stablecoin, which might explain why banks are moving into this market now.
Experts Raise Concerns Over Fast-Moving Trend
Despite the excitement, not everyone is impressed. A researcher from Four Pillars, a crypto research company, said South Korea may be caught in a “stablecoin bubble.” He pointed out that banks are acting fast to benefit from short-term stock price gains. However, the country still lacks clear laws on how stablecoins should operate.
Without proper rules, the future of these stablecoin plans remains uncertain. Industry experts say that the government should provide firm guidelines so businesses know exactly how to move forward.
Source: cointelegraph.com
