As of 9:05 a.m. on July 2, Hyungji Global surged 29.96% (1,140 won) from the previous day, hitting the upper price limit at 4,945 won. Other related stocks, such as Hyungji Elite (up 10.10%) and Hyungji I&C (up 24.25%), also rose sharply.
Investor sentiment appears to have been boosted after Hyungji Global announced the previous day that it would develop an integrated payment platform tentatively named 'Hyungji Pay' and introduce a stablecoin called 'Hyungji Coin.' Hyungji Global plans to build a group-wide integrated payment platform by utilizing Hyungji Group's nationwide distribution network of over 2,000 outlets and its 6 million customers.
The move also takes into account potential integration with the stablecoin 'Hyungji Coin.' A stablecoin is a virtual asset issued with its value pegged to legal tender such as the US dollar, and has recently become a hot topic in the market. The company plans to develop and implement 'Hyungji Pay' for use in approximately 20 Hyungji brand stores and to quickly establish it as the optimal usage channel for stablecoins led by the financial sector.
Hyungji Global has filed a total of six trademark applications with the Korean Intellectual Property Office for the issuance of 'Hyungji Coin.' A Hyungji Global representative stated, "By promoting the introduction of a stablecoin, we expect to enhance customer satisfaction through improved convenience in simple payments, as well as reduce card fees and secure advanced big data at the corporate level. Going forward, we plan to collaborate with many partners, including those in the financial sector, and to be at the forefront of the distribution industry in applying and utilizing stablecoins."
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