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Korean Stocks Soar on President Lee’s Won-Backed Crypto Pledge, Kakao Pay Doubles

29.06.2025
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South Korea’s stock market has surged on a wave of enthusiasm for won-pegged digital assets after newly elected President Lee Jae-myung pledged support for stablecoins backed by the national currency.

Key Takeaways:

  • South Korea’s Kospi index surged nearly 30% YTD over the past week.
  • The rally is driven by President Lee’s pledge to support won-backed stablecoins.
  • Stocks like Kakao Pay and ME2ON soared as retail investors piled into crypto-linked shares.

Shares of companies linked to the Bank of Korea’s digital currency initiative, including Kakao Pay and LG CNS, have soared since Lee’s announcement, with Kakao Pay more than doubling in value this month and LG CNS climbing nearly 70% before pulling back slightly, FT reported.

On the Kosdaq junior market, Aton, a fintech security firm, saw its shares jump 80%, while mobile game developer ME2ON tripled after its subsidiary launched a dollar-pegged stablecoin for casino platforms.

Kospi Stock Soars 30% YTD, Crowned Korea’s Best-Performing Market in H1 2025

The rally has pushed South Korea’s Composite Stock Price Index or KOSPI up almost 30% this year, lifting it to near four-year highs and making it Asia’s top-performing market for the first half of 2025.

Retail investors have flocked to the rally, with outstanding margin loans swelling to Won20.5 trillion ($15 billion), data from the Korea Financial Investment Association shows.

Despite the euphoria, the government has yet to reveal specific policies for won-based stablecoins, leaving the market to trade on expectations fueled by President Lee’s appointment of Kim Yong-beom, a well-known digital asset advocate, as his chief policy adviser.

Momentum has been further supported by a bill introduced by the ruling party this month, proposing to allow companies with as little as Won500 million in equity to issue won-based stablecoins.

Critics warn this could expose the financial system to undercapitalized players and heighten systemic risks.

Kakao Pay, Kakao Entertainment, Kakao Corp.
All holding $KAIA. All active in @KaiaChain governance.
Now: a KRW stablecoin trademark filed by Kakao Pay.
Coincidence? pic.twitter.com/5AybAx0zIJ

— Paulo (@auloap) June 24, 2025

South Korea, home to one of the world’s most active crypto markets, saw trading in dollar-pegged stablecoins hit Won57 trillion in the first quarter alone, increasing pressure on the Bank of Korea to accelerate its own digital currency rollout.

Banks, brokerages, and fintech firms are eager to enter the stablecoin space but remain wary of forthcoming regulations.

Bank of Korea governor Rhee Chang-yong has voiced concerns about stablecoins issued by non-bank entities, highlighting risks to capital flows and monetary policy.

The central bank plans to consult major lenders on a second pilot for its digital currency.

Korea’s FSC Eyes Spot Crypto ETFs

As reported, South Korea’s Financial Services Commission (FSC) has presented a roadmap to the Presidential Committee on Policy Planning proposing the approval of spot crypto ETFs.

The move came after President Lee Jae-myung’s campaign promise to modernize digital asset rules and boost opportunities for younger investors.

The plan outlines implementation measures for spot crypto ETFs and regulatory frameworks for won-based stablecoins in the second half of 2025.

Historically, the FSC blocked crypto ETFs over volatility and financial risk concerns, maintaining that cryptocurrencies were unsuitable as underlying assets.

The post Korean Stocks Soar on President Lee’s Won-Backed Crypto Pledge, Kakao Pay Doubles appeared first on Cryptonews.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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