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.”
KAIA Chart – CoinGecko
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.
