thedefiant.io
Layer 1 blockchain Kaia is one of this week’s top-performing altcoins, after its chairman announced the impending listing of a Korean Won stablecoin on the network.
The news comes just one month after Kaia launched $USDT on its chain. The network’s $KAIA token is up over 40% since the X post on June 8.
Sangmin Seo, the chairman of the Kaia Foundation, posted, “Just as we onboarded native $USDT on @KaiaChain, we will do our best to enable the issuance of a Korean Won (KRW) stablecoin on @KaiaChain as well. Kaia’s Stablecoin Summer is just beginning.”
The rally pushes $KAIA's market capitalization to $950 million, its highest valuation since February. However, the token remains significantly below its all-time high of $0.39, set in December 2024.
Despite $USDT’s large presence in Asian markets, largely due to Tron, the move indicates demand for blockchain integration with local currencies, such as the Won, rather than just USD-denominated stablecoins.
Kaia, which launched its token in October 2024, is an Asia-focused EVM-compatible Layer 1 blockchain. It was created in 2024 through the merger of Klaytn (developed by Kakao in South Korea) and Finschia (developed by LINE in Japan). The network recently raised an undisclosed amount in a funding round led by 1kx and Blockchain Capital, with participation from funds such as Galaxy Digital.