Kakao Pay, considered a leading stock in the Korean won stablecoin theme, is showing a double-digit decline after trading resumed on June 27.
As of 10:00 a.m. on this day, Kakao Pay was trading at 80,900 won per share, down 13.75% from the previous session.
Kakao Pay, regarded as a major beneficiary of the stablecoin sector, surged more than 140% this month alone due to expectations surrounding the introduction of a Korean won stablecoin. In response, the Korea Exchange designated Kakao Pay as an investment warning stock on June 24, suspending trading for one day. On June 26, it was designated as an investment risk stock, resulting in another one-day trading suspension.
The decline on this day is analyzed as being due to heightened caution over policy uncertainty regarding stablecoins, as well as a wave of profit-taking following the recent sharp rally. Analysts in the securities industry point out that, since discussions about the Korean won stablecoin are still in the early stages, it will take time for the impact to be reflected in actual earnings.
On the previous day, with Kakao Pay trading suspended, other Kakao Group stocks also plunged across the board as large volumes of profit-taking shares were released.
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