- KakaoPay files 18 KRW-related trademarks, preparing for stablecoin issuance.
- KakaoPay shares surge over 200% amid growing stablecoin market optimism.
- Political support boosts KRW stablecoin approval, aiding KakaoPay’s market entry.
South Korean fintech firm KakaoPay has filed for 18 trademarks related to a potential Korean won (KRW)-backed stablecoin, a move that has sent its stock price soaring by more than 200% in the past month. The filings signal the company’s preparations to enter South Korea’s digital asset market as the country moves toward creating a formal regulatory framework for stablecoins.
On June 17, KakaoPay submitted multiple trademark applications to the Korean Intellectual Property Office, including “KRWKP,” “KWRP,” and “KPKRW.”
Trademark Filings and Company Position
The trademark applications are registered under financial service categories, including virtual asset transactions and electronic transfers. While KakaoPay has not announced a finalized plan for a stablecoin, company representatives have described the filings as a “precautionary measure” to secure branding rights.
Industry sources, however, view the move as a clear indication that KakaoPay is positioning itself to become a major issuer in the KRW stablecoin market once regulations are in place.
Related: South Korea Explores Won Stablecoin as Bank of Korea Prioritizes Caution
Market Reacts to Stablecoin Plans
The market has reacted with strong bullish sentiment to the developments. According to Google Finance data, KakaoPay’s stock price has risen over 200% in the past month, climbing from 30,800 won ($22.25) on May 23 to 94,700 won ($68.60).
Trading activity on Monday, June 23, pushed the stock up an additional 17.3%. This displays significant investor anticipation for the company’s entry into the digital asset space.
Favorable Regulatory Environment
KakaoPay’s preparations align with a favorable political and regulatory environment in South Korea. The country’s lawmakers have introduced the “Basic Digital Asset Act,” proposed legislation that would officially permit private companies to issue KRW-backed stablecoins.
Related: Ripple’s RLUSD Stablecoin to Be Accessible Now in 173 Countries via Alchemy Pay
South Korea’s newly elected President, Lee Jae Myung, has also pledged support for the approval and promotion of local currency-backed stablecoins issued in partnership with the private sector.
Financial analysts note that KakaoPay is well-positioned to issue a stablecoin, as the company currently holds approximately $429 million in prepaid user balances, which could serve as collateral for the token.
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