Kakao Pay rebounds above ₩60,000 on stablecoin expectations…Kaia surges 12%

Doohyun Hwang

Summary

Kakao Pay's stock price rebounded back above ₩60,000 on optimism about its stablecoin business.
Kakao Pay announced its participation in the 'Stablecoin Hackathon' hosted by Kaia, together with Tether and LINE NEXT.
Boosted by expectations, Kaia's price surged 12%, drawing strong investor attention.

Kakao Pay's stock price has reversed its trend and is now rising on expectations for its stablecoin business. As of 11 a.m. on the 18th, Kakao Pay is trading at ₩60,100, up 4.1% from the previous trading day.

The background of this rebound is believed to be news that Kakao Pay will participate in the 'Stablecoin Hackathon' hosted by Kaia (KAIA), together with Tether (USDT) and LINE NEXT. This event, which starts on August 1, will be divided into two categories: a won-based stablecoin ideathon and a USDT hackathon.

In the market, this is being seen as a signal that Kakao Pay is starting to prepare for stablecoin issuance in earnest. Of particular note, this hackathon will be held on the Kaia blockchain, sparking projections that Kakao Pay may issue its stablecoin on the Kaia chain.

Such expectations have also affected the price of Kaia. On this day, Kaia surged about 12% on Binance, a global cryptocurrency exchange, in the Tether (USDT) market, soaring to around $0.17.

KAIA