The stock price of Kakao Pay, considered a leading won-based stablecoin-themed stock, surged again on June 25 as soon as its trading suspension was lifted.
As of 9:49 a.m. on this day, Kakao Pay was trading at 105,000 won per share, up 9.24% from the previous session. Earlier in the session, the stock soared by double digits, hitting a new record high.
Kakao Pay, widely seen as a major beneficiary of the stablecoin sector, had its trading suspended for one day in the previous session after its share price skyrocketed on expectations surrounding the introduction of a won-based stablecoin. Since the beginning of this month, the stock price has repeatedly set new record highs, rising by 143% as of the previous day.
Yoon Yudong, a researcher at NH Investment & Securities, stated in a report released on this day that Kakao Pay "has been a player that responds swiftly to changes within the fintech industry" and is "expected to move quickly in preparation for the possible introduction of a won-based stablecoin." He also raised the target price for Kakao Pay significantly, from 38,000 won to 130,000 won, citing its advantage as a beneficiary stock due to its access to messenger, banking, and securities platforms within the Kakao Group.
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