Circle stock gains popularity in South Korea as retail investors flock to stablecoin-related stocks | CoinDesk JAPAN

• Circle Internet Group is the most popular overseas stock in South Korea, with retail investors investing nearly $450 million (approximately 65 billion yen, based on an exchange rate of 144 yen per dollar).
• Since its listing on the New York Stock Exchange (NYSE) on June 5, Circle's stock has surged over 500%, reaching a market capitalization of 77 billion dollars (approximately 11 billion yen) at one point.
• The demand for Circle stock is being supported by the rapid promotion of stablecoin reforms by the South Korean government and the success of fintech companies like KakaoPay.

Circle, which is listed on the NYSE, is attracting attention in the South Korean market this June.

According to Bloomberg, South Korean retail investors have invested approximately $450 million (about 65 billion yen) in shares of Circle Internet Group. The company's stock has become the most purchased foreign stock in South Korea this month and ranks among the top four popular stocks for the year.

Since being listed on the NYSE on June 5, Circle's stock has risen by over 500%. Its market capitalization temporarily reached $77 billion (approximately ¥11 billion), surpassing the market capitalization of Circle's stablecoin "USDC," which exceeds $61 billion.

Korean retail investors are known for showing enthusiastic buying in the stock and cryptocurrency markets. They have previously exhibited movements referred to as "Kimchi Premium" in assets like XRP and Dogecoin. In South Korean cryptocurrency exchanges, prices can sometimes be traded at 10-20% higher compared to the global market.

The demand for Circle's shares is driven by the newly appointed President Lee Jae-myung, who is accelerating reforms related to stablecoins. With the movement towards legal framework development for South Korean won-backed stablecoins, fintech giants like KakaoPay are beginning to see a pathway towards issuing a "digital won."

In fact, KakaoPay's stock price has risen by 160% just in June. It seems that South Korean investors are applying their investment strategies to overseas markets, and Circle is attracting attention as a stablecoin-related stock.

Circle is a newly listed company, but it is one of the few companies specializing in the infrastructure layer of stablecoins, and it has become a sector that is showing significant momentum in the cryptocurrency space.