[Special Stock] Shinsegae I&C Surges Nearly 13% on Stablecoin Expectations

On June 19, stocks related to electronic payments rallied across the domestic stock market, driven by expectations for the introduction of a Korean won stablecoin?a key campaign pledge of President Lee Jaemyung.

As of 10:25 a.m. on this day, Shinsegae I&C was trading at 19,600 won per share on the KOSPI market, up 12.97% from the previous session. In the KOSDAQ market, the share price of Korea Information & Communications surged by 29.98%. NHN KCP and Cafe24 also posted gains of over 7% each.

This rally is attributed to growing expectations for the institutionalization of a Korean won stablecoin under the new administration. Lee Changyong, Governor of the Bank of Korea, who has previously maintained a conservative stance on stablecoins, signaled the imminent institutionalization by stating the previous day, "I believe a Korean won stablecoin is necessary, and I do not oppose its issuance." He further explained, "Once the relevant ministries such as the Ministry of Economy and Finance and the Financial Services Commission are established, we plan to refine the policy through inter-ministerial consultations."