Retail investors flock into the stablecoin market, Circle feverishly sweeps South Korea raising nearly 450 million dollars.

Gate News bot news, the Circle (CRCL) listed in New York has become the breakthrough stock in Seoul for June.

According to Bloomberg, South Korean retail investors have injected nearly $450 million into Circle Internet Group's stock. This investment frenzy has made Circle the stock with the highest overseas buying volume this month and one of the top four hottest stocks this year.

Since its listing on June 5, the stock has risen by over 500%, with a market value that once surpassed $77 billion, making its market cap exceed that of the stablecoin USDC, which has a market cap of over $61 billion.

As we all know, South Korean investors are always able to drive the frenzy rise of their stock market as well as major tokens like XRP and Dogecoin. This has even given birth to the unique "kimchi premium" in the cryptocurrency market, where local investors actively chase high-volatility assets, resulting in local exchange prices being 10%-20% higher than their global counterparts.

Under the promotion of newly elected President Lee Jae-myung, South Korea is accelerating the legalization reform of the Korean won (KRW) stablecoin, paving the way for fintech giants like KakaoPay to issue digital won, which has led to an increase in demand for Circle.

In just June, KakaoPay's stock price rose by 160%, and South Korean investors are likely to apply the same thinking to overseas markets, with Circle becoming a benchmark for global stablecoin applications.

Source: CoinDesk