"Surge in Circle Stock Spurs Buying Frenzy in Korea... Individual Investors Net Purchase ₩600 Billion"
Summary
- South Korean individual investors reportedly net purchased approximately ₩610 billion worth of U.S.-listed Circle stock.
- It is reported that Circle's share price has surged more than 500% since its listing debut, reaching a market cap of ₩104 trillion.
- The growing interest among investors is attributed to clearer stablecoin regulations and the expansion of financial infrastructure.
South Korean individual investors have reportedly bet over ₩600 billion on Circle, the U.S.-listed stablecoin company. Expectations for related stocks are rapidly rising, driven by new government policies prioritizing the introduction of a won-based stablecoin.
According to CoinDesk, a crypto-specialized media outlet, on the 27th (local time), stablecoin issuer Circle (CRCL) has emerged as the most net-purchased overseas stock among Korean investors this month. South Korean retail investors are said to have bought about $450 million (around ₩610 billion) worth of Circle stock so far this month.
On its first day listed on the New York Stock Exchange, June 5, Circle's share price soared over 500% at one point, bringing its market capitalization to $77 billion (approximately ₩104 trillion). This exceeds the current $61 billion market cap of Circle's circulating stablecoin, USDC.
The media outlet added, "Although the stablecoin sector has remained a limited area of the crypto industry until recently, market interest is quickly spreading due to regulatory clarity and the expanding role of stablecoins as financial infrastructure."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.