Kaia surges 17% intraday… spotlit as a stablecoin beneficiary

Uk Jin

Summary

Kaia was reported to be trading at $0.06169, up 16.93% from the previous day.
Investor sentiment toward Kaia was said to have strengthened on expectations for institutionalization of stablecoins and institutionalization of digital assets in Korea.
Stablecoin-related stocks such as Kakao Pay (+29.89%), NAVER (+8.53%) and Hecto Financial (+30.00%) were also reported to have surged.

Kaia (KAIA), one of South Korea’s leading cryptoassets (cryptocurrencies), is posting a sharp intraday rally. With stablecoin-related names soaring in the stock market on the day, Kaia is also seen benefiting from strengthening investor sentiment on expectations for institutionalization of digital assets in Korea.

As of 10:27 p.m. KST on the 23rd, Kaia was trading at $0.06169, up 16.93% from the previous day, according to CoinMarketCap.

Positive headlines related to the institutionalization of stablecoins in Korea appear to have ignited risk appetite.

At a luncheon for the KOSPI 5000 Special Committee chaired by President Lee Jae-myung the previous day, Min Byung-duk, a lawmaker from the Democratic Party of Korea, conveyed to the president and other lawmakers that digital assets should be used as a key catalyst for pushing the KOSDAQ above the 3,000 level. President Lee was confirmed to have listened closely to Min’s proposal.

After the news broke, stablecoin-related stocks in the Korean equity market also surged intraday. Kakao Pay ended the session at 67,800 won, up 29.89% from the previous day, while NAVER (+8.53%) and Hecto Financial (+30.00%), among others, also posted sharp intraday gains.

KAIA