Kakao Bank, Kookmin Bank, and Industrial Bank of Korea saw significant stock price increases ranging from 10% to 19% after submitting trademark applications related to stablecoins, indicating a growing interest in digital assets among institutions.
According to data from Google Finance, at least three South Korean banks have recently applied for trademarks related to a won-pegged stablecoin, with their stock prices rising between 10% and nearly 20%. This market reaction suggests that investors are generally optimistic about these banks' prospects in the cryptocurrency sector.
These trademark applications came shortly after the inauguration of the country's 21st president, Lee Jae-myung, on June 4. His campaign promises included support for cryptocurrencies and the promotion of the development of stablecoins pegged to the won.
Data from the World Intellectual Property Organization (WIPO) shows that Kakao Bank submitted its trademark application related to stablecoins on June 23. South Korean media Industry News reported that the company has filed at least 12 trademark applications related to cryptocurrencies.
The next day, Kakao Bank's stock price soared from $22.60 to 37,000 won (approximately $27), an increase of 19.3%.
Kookmin Bank, a subsidiary of KB Financial Group, also submitted a trademark application related to stablecoins on June 23. The group's stock price saw a slight increase the day after the application.
On June 24, its stock price rose to $82, up 4.3% from $78 before the application.
Since then, Kookmin Bank's stock price has continued to rise, reaching $89 at the time of writing, a cumulative increase of 13.38% since the submission of the stablecoin trademark application.
On June 27, Industrial Bank of Korea also submitted a trademark application for stablecoins, which boosted its stock price. The bank's stock is currently at $14.70, up 10.1% from $13.30 at the time of the application.
Cointelegraph has reached out to Kakao Bank, Kookmin Bank, and Industrial Bank of Korea regarding their stablecoin plans, but has not received a response as of the time of writing.
Additionally, other major banks in South Korea have expressed interest in jointly launching stablecoins pegged to the local currency.
The head of research at cryptocurrency research firm Four Pillars, 100y, stated on X (formerly Twitter) that the current situation has led South Korea into a "stablecoin bubble."
Despite unclear regulatory rules, major South Korean banks are actively participating in the stablecoin craze, applying for trademarks related to stablecoins, and seeing their stock prices rise due to positive developments.
The official added that while banks are accelerating their efforts to seize market opportunities, South Korea lacks clear regulatory guidance in the stablecoin sector, leaving its long-term sustainability uncertain.
Related: New developments in crypto regulation in China and the U.S.: Shenzhen warns of stablecoin risks, U.S. Treasury officially withdraws lawsuit against Tornado Cash
Original article: “South Korean Bank Stocks Surge Due to Stablecoin Trademark Applications”
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