South Korean bank stocks surge on stablecoin trademark application

according to Google Finance data, at least three South Korean banks that recently applied for a stablecoin trademark have seen their stock prices rise by 10% to nearly 20%. Market response indicates that investors are optimistic about the potential opportunities for these banks to enter the cryptocurrency field.

This application was made shortly after the inauguration of the 21st President of South Korea, Lee Jae-myung, on June 4th. His campaign included promises friendly to cryptocurrencies, including the development of a stablecoin pegged to the South Korean won.

Kakao Bank applied for a stablecoin-related trademark on June 23, and the company has applied for at least 12 cryptocurrency-related trademarks. The day after, its stock price jumped from 31,000 Korean won ($22.6) to 37,000 Korean won ($27), an increase of 19.3%. The stock price of National Bank is 122,000 Korean won ($89), and has risen by 13.38% since applying for the stablecoin trademark.