🔥 Kaia enters the stablecoin market, and the stocks of South Korean fintech companies soar

🖥 After the inauguration of the newly elected president Lee Jae-myung, who openly supports the crypto industry, a race has intensified in South Korea to create a stablecoin pegged to the won.

🗣️ One of the first major players is Kaia — a new blockchain alliance formed through the merger of Klaytn (from Kakao) and the Japanese Finschia.

🗣️ Kakao Pay, a key player in digital payments, may become the main beneficiary: on Monday, its shares rose nearly 30%, matching the performance of competitor Danal.

🕯 The market expects that the existing infrastructure of digital wallets and QR payments will receive a new boost due to the launch of the new stablecoin.

⚖️ Regulatory outlook: although the monopoly right to issue currency belongs to the Central Bank, the ruling Democratic Party is preparing a bill called the Digital Asset Basic Act, which could legalize private stablecoins.

🗣️ It is being promoted by MP Min Byung-dok, the head of the party's crypto committee.

🗣️ The positive factor was also the fact that the new chief advisor to the president on policy is Kim Yong-bom, the former vice minister of finance and analyst at the venture fund Hashed.