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Circle attracts enthusiastic support from Korean retail investors, with monthly net purchases exceeding $400 million.
According to Gate News bot, CoinDesk reported that Circle has become the most favored overseas stock among the South Korean public, with a net purchase amount of $450 million this month. Circle currently has a price-to-earnings ratio of 187 times, far exceeding that of TradFi companies.
At the same time, with the new president Lee Jae-myung accelerating the process of legalizing the Korean won stablecoin, South Korean fintech giant KakaoPay saw its stock price rise by 160%. Currently, the National Assembly of Korea is reviewing the "Digital Asset Framework Bill," which aims to allow licensed institutions like KakaoPay to issue Korean won stablecoins.