[Market Focus] The Dozen Surges on Korean Won Stablecoin Initiative; Kakao Pay Hits Upper Limit as Key Partner and Second-Largest Shareholder

The Dozen is showing strong performance. As the government moves to introduce a Korean won-based stablecoin, Kakao Pay has been attracting attention, and it is interpreted that The Dozen, which is Kakao Pay's second-largest shareholder and partner, has also been affected by this trend.

As of 10:25 a.m. on June 9, The Dozen is trading at 3,140 won, up 14.39% from the previous day.

The government has appointed Kim Yongbeom as the new Chief Presidential Policy Secretary under the first administration of President Lee Jaemyung. Although Kim is a veteran bureaucrat with extensive experience in the economic and financial sectors, since 2022 and up until recently, he has served as the head of Hashed Open Research, the think tank of Hashed, the largest blockchain-focused investment firm in Korea, leading various studies and proposals on the future of the blockchain and virtual asset industries.

Hashed Open Research released numerous reports on stablecoins following the election of Donald Trump as President of the United States last year. In a report published in March titled "The Necessity of a Korean Won Stablecoin and Legislative Proposals," Kim argued, "If we can leverage the strengths of a Korean won-based stablecoin while maintaining our manufacturing competitiveness, the won can retain its competitiveness compared to other currencies."

As financial authorities are expected to begin a new round of discussions on the second phase of virtual asset legislation, the issuance of a stablecoin based on the Korean won is being widely discussed as a foregone conclusion.

Meanwhile, Kakao Pay is a comprehensive lifestyle financial platform that provides a wide range of financial services, including payments, remittances, investments, insurance, and financial product brokerage. There are expectations that Kakao Pay will benefit if a Korean won-based stablecoin is actually introduced in the future. The Dozen has partnered with Kakao Pay to offer services such as loan inquiries, billing, and simple remittances. Kakao Pay became the second-largest shareholder of The Dozen in 2019 by acquiring a 9.9% stake.