U.S. President Donald Trump has called for the swift passage of the 'Clarity Act,' which outlines a regulatory framework for virtual assets. This news has led to a surge in domestic stablecoin-related stocks.
As of 1:41 PM on August 20, Kakao Pay was trading at 44,700 won, up 3,500 won (8.48%) from the previous trading day. Other stablecoin-related stocks, including Hectofinancial (up 14.82%) and Danal (up 11.52%), also saw significant gains.
Previously, Kakao Pay signed a strategic memorandum of understanding (MOU) with Circle Internet Financial, the issuer of the USDC dollar stablecoin, along with Kakao and Kakao Bank. The three companies are exploring business opportunities that combine KakaoTalk-based platform and financial services with Circle's blockchain and global payment infrastructure.
Trump's meeting with key figures from the virtual asset industry on August 19, where he urged Congress to pass the Clarity Act, is believed to have stimulated investor sentiment.
Market expectations are growing that if the bill passes, regulatory uncertainty in the U.S. virtual asset industry will be alleviated, potentially expanding the digital payment market, including stablecoins.
During the meeting at the White House, Trump reportedly emphasized the need for regulatory reforms to ensure that the U.S. remains ahead of competitors like China in the virtual asset industry.
The Clarity Act aims to clarify the legal status of virtual assets by distinguishing them as securities or commodities and defining the regulatory jurisdiction of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill is currently pending in the U.S. Senate.
* This article has been translated by AI.
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