Following President Lee Jae-myung's endorsement of won-pegged stablecoins, South Korea's Kospi index has surged nearly 30% this year, reflecting robust investor interest in digital currency-related stocks.
South Korea's Kospi index has gained nearly 30% year-to-date after President Lee Jae-myung's commitment to support won-backed stablecoins. Stocks like Kakao Pay and ME2ON saw significant price increases, with Kakao Pay doubling in value. Retail investor enthusiasm has resulted in margin loans reaching Won20.5 trillion ($15 billion). While the market is buzzing, specific cryptocurrency regulations remain unannounced, and concerns about financial system risks have been raised by authorities.