South Korea's Stablecoin Boom Sparks Market Surge and Regulatory Pause

South Korea's stock market has surged nearly 30% this year, driven by a retail frenzy over won-based digital assets and stablecoins, making it the best-performing market in Asia. Investor enthusiasm is fueled by government proposals to issue won-backed stablecoins and the appointment of crypto-friendly officials, despite regulatory uncertainties. The surge has led to increased leverage among retail investors and heightened interest from financial institutions, although experts warn of potential overvaluation and systemic risks.