South Korea is experiencing a significant wave of retail investment in Circle Internet Group, marking it as the most heavily bought overseas stock in the country.
Since June 5, Circle's stock has surged over 500%, reaching a market cap of $77 billion, highlighting strong local demand.
The influx of investment is closely tied to South Korea's proactive stance on regulation and digital currency reforms.
Under newly elected President Lee Jae Myung, efforts to legalize Korean won-backed stablecoins have accelerated, paving the way for major fintech firms like KakaoPay to issue digital won.
KakaoPay’s shares have soared by 160% in June alone, fueling investor optimism about blockchain and crypto market growth.
As local traders apply this positive sentiment abroad, they are increasingly targeting stablecoins and related assets, betting on their future integration into the financial system.
South Korea's crypto market has long been characterized by high volatility and a phenomenon known as the “Kimchi premium,” where assets trade at a premium on domestic exchanges due to aggressive retail trading.
The recent surge in Circle shares has created new avenues for retail participation, blending traditional stock market enthusiasm with innovative Web3 and DeFi applications.
As Circle’s stock price skyrockets, it briefly surpassed its USDC stablecoin market cap of over $61 billion, reflecting growing confidence in the company’s role within the crypto ecosystem.
Experts suggest that this trend indicates a broader shift towards embracing decentralized finance (DeFi) and security-focused digital assets amid evolving regulatory landscapes.
