Bank Stocks Surge After Stablecoin Trademark Filings
The stocks of South Korean banks jumped as a major bank in South Korea filed a trademark application for the term ‘stablecoin.’ Kakao Bank, Kookmin Bank, and the Industrial Bank of Korea are at the forefront of this trend, spurring excitement among investors surrounding increasingly blurred lines between traditional finance and digital currencies.
Kakao Bank applied to WIPO for a minimum of 12 crypto-related trademarks on June 23, according to new filings. The trademarks are related to a stablecoin infrastructure for the Korean won. After the announcement, Kakao Bank stock spiked by nearly 19.3%, from $22.60 to $27 at the end of the day.
It was rising during the filing and soon moved up to $82 from $78 and later went up to $89. In total, the move worked up to 13.38%. Investors are increasingly confident about Kookmin’s aspirations for a digital asset.
A few days later, on June 27, the Industrial Bank of Korea filed its own trademarks to join the stablecoin race. The bank’s shares increased from $13.30 to $14.70, a gain of 10.1%. Though late to the party, the bank still benefitted from the strong run-up in the prices of digital assets.
Government Support and Regulatory Shift Fuel the Trend
The recent crypto trademark filings have coincided with the inauguration of President Lee Jae-myung on June 4, whose government supported cryptocurrency innovation in its early days. His pledges included a stablecoin pegged to the won and a good environment for digital asset projects.
A shift in the regulatory tone and a growing anticipation for institutional adoption are driving interest from investors. According to financial experts, the bidding process over the trademark could be the first step by South Korean banks to embark on a consortium stablecoin project.
South Korea Embracing the Global Stablecoin Trend
At the same time, stablecoins are becoming popular worldwide. With a market cap of over $240 billion, they are now used for cross-border payments, remittances, and other transactions. It seems that South Korea is poised to capitalize on the help of traditional financial firms changing to blockchain 댓글 시스템.
With the country moving to become fully digital in finance, banks are leading the way to South Korea’s stablecoin revolution. A surge in the stock price of these companies has caused many investors to believe that the future trend of finance in Asia will be blockchain-oriented.
