- Major South Korean banks saw their stock prices rise after filing for stablecoin-related trademarks.
- Share prices at banks like Kakao Bank, Kookmin Bank, and Industrial Bank of Korea increased by 10% to 19% following their filings.
- The stablecoin trademark filings came shortly after the inauguration of South Korea’s 21st president, who supports crypto initiatives.
- Analysts warn of a possible “stablecoin bubble” as regulations for such assets remain unclear.
- Other banks in South Korea are also exploring stablecoin projects, signaling growing interest in digital assets.
Several leading South Korean banks have filed for trademarks related to stablecoins, referencing digital currencies typically pegged to a fiat currency such as the U.S. dollar, and saw their share prices increase shortly afterward. The filings occurred after the new president, Lee Jae‑myung, took office on June 4, promising support for cryptocurrency projects, including developing a Korean won-pegged stablecoin.
According to World Intellectual Property Organization data, Kakao Bank filed for at least 12 stablecoin and crypto-related trademarks on June 23. Following this filing, Kakao Bank’s stock price rose 19.3%, going from $22.60 to $27. Shares of Kookmin Bank, a subsidiary of KB Financial Group, also climbed; its shares increased 13.4% from $78 to $89 after a similar trademark filing.
Industrial Bank of Korea filed for stablecoin trademarks on June 27. Its share price subsequently increased by 10.1%, rising from $13.30 to $14.70. Cointelegraph reached out to all three banks regarding their stablecoin plans but had not received responses at the time of reporting.
Industry News, a South Korean media platform, noted that other leading banks expressed interest in collaborating on a stablecoin tied to the national currency, reflecting wider institutional momentum for digital asset projects. Analyst 100y from Four Pillars, a crypto research firm, stated on X (formerly Twitter) that the recent activity may indicate a “stablecoin bubble” in South Korea, as banks are benefitting from higher stock prices without regulatory clarity.
The report highlighted that, despite growing enthusiasm for digital assets, the country currently lacks specific rules for stablecoins, creating some uncertainty about the future of these initiatives. Other details, such as responses from the banks and further industry developments, remain limited pending further announcements.
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