South Korean retail investors are frantically chasing Circle, with its stock price rising by 500%. The legalization of the Korean won stablecoin is imminent.

On June 27, according to reports, South Korean retail investors are fervently buying Circle, with a net purchase of $450 million this month, making it the most favored overseas stock among the South Korean public. Circle's current price-to-earnings ratio has reached 187 times, far exceeding that of traditional financial technology companies. Since its listing on June 5, Circle's stock price has soared over 500%, and its market capitalization once reached $77 billion.

As the newly elected president Lee Jae-myung accelerates the legalization of the Korean won stablecoin, South Korean fintech giant KakaoPay's stock price has surged by 160%. Meanwhile, the National Assembly of South Korea is reviewing the "Digital Asset Framework Bill," which aims to allow licensed institutions like KakaoPay to issue Korean won stablecoins.