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Circle Stock Soars as Korean Traders Fuel Rally Amid Stablecoin Reforms
Circle Stock Soars as Korean Traders Fuel Rally Amid Stablecoin Reforms
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BTCCSquare news:
Circle Internet Group's stock (CRCL) continues its meteoric rise, fueled by fervent demand from South Korean traders. The shares surged 7.5% to $213.63 in the past day, extending an 800% gain since its June 5 IPO debut. At its peak, Circle briefly eclipsed the market cap of its own USDC stablecoin with a $77 billion valuation.
Korean retail investors have poured nearly $450 million into CRCL this month, making it the most sought-after overseas stock. The frenzy follows President Lee Jae Myung's pledge to fast-track won-backed stablecoin legalization, positioning Circle as a global proxy for stablecoin adoption. KakaoPay shares have rallied 160% in June on similar regulatory tailwinds.
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