South Korean bank stocks soared after filing for stablecoin trademark registration.

Shares of major banks in South Korea have risen to the sky after filing for a trademark for a stablecoin, indicating a growing interest in digital assets. According to Google Finance, three South Korean banks recently applied for a trademark for a stablecoin linked to the won, with stock prices increasing by 10% to nearly 20%.

Kakao Bank submitted its application on June 23, and its stock price rose by 19.3% in one day. Kookmin Bank also recorded a 4.3% increase after submitting its application. The Korea Industrial Bank filed its application on June 27, with its stock rising by 10.1%. Although banks are taking advantage of this frenzy, South Korea still lacks clear regulations on stablecoin, creating uncertainty about the long-term viability.