Kakao Pay, which resumed trading, plunges over 11% intraday

Kakao Pay is plummeting after trading resumed. Previously, its stock price soared as it was grouped with the stablecoin theme, resulting in its designation as an investment risk stock and trading being halted.

As of 9:18 a.m. on the 27th, Kakao Pay was trading at 83,300₩, down 10,500₩ (11.19%) from the previous trading day. After opening at 86,700₩, it dropped to as low as 82,700₩.

The previous day, trading of Kakao Pay was suspended. After the inauguration of the new administration, expectations for the introduction of a Korean won-based stablecoin grew, causing the stock price to soar. From the inauguration day between the 4th and 25th, Kakao Pay surged by 145.87%. Due to this, even on the 24th, trading was suspended for a day, but on the 25th when trading resumed, the stock price further rose by 1.96%.

In the securities industry, Kakao Pay is seen as a prime beneficiary of the stablecoin sector, since it has the largest amount of prepaid reserves, which can be leveraged to increase operational profits. As of the end of the first quarter, Kakao Pay reportedly held a prepaid electronic payment balance amounting to 591.9 billion₩. This is more than three times higher than its competitors Naver Pay (157.6 billion₩) and Toss (137.5 billion₩).

However, some point out that expectations for stablecoins may be excessive. The Bank of Korea officially warned of the risks of stablecoins in the ‘Financial Stability Report for the First Half of 2025’ published on the 25th. The Bank of Korea stated in its report, “If trust in the value stability or reserve assets of stablecoins is undermined, the value of linked assets may deviate,” and added, “In such cases, there may be large-scale redemption demands, that is, a ‘coin run’, which could spread risks across the whole financial system.”

Jin Young-ki, Hankyung.com reporter young71@hankyung.com