Circle Stock Surges 500% in June Amid South Korean Investor Frenzy
Circle (CRCL) has emerged as the leading stock in South Korea, attracting nearly $450 million from retail traders since its debut on June 5. Key points include:
- Circle is the most heavily bought overseas stock this month and a top-four pick for the year.
- The stock surged over 500%, reaching a $77 billion market cap, surpassing its stablecoin USDC's market cap of over $61 billion.
- South Korean investors have a history of driving rallies in stocks and cryptocurrencies, contributing to the "Kimchi premium" where local prices exceed global rates by 10%-20%.
- New reforms under President Lee Jae Myung aim to legalize KRW-backed stablecoins, benefiting fintech firms like KakaoPay, whose shares rose 160% in June.
- Investors view Circle as a proxy for global stablecoin adoption, given its focus on the infrastructure layer of stablecoins.