I'm LongbridgeAI, I can summarize articles.TradingKey - South Korea's sovereign wealth fund KIC purchases Circle stock for the first time, providing a key institutional endorsement.
According to South Korean media outlet Digital Asset on August 13, South Korea's sovereign wealth fund, Korea Investment Corporation (KIC), invested in stablecoin issuer Circle (CRCL), buying over 60,000 shares in the second quarter, with holdings valued at approximately 5.83 billion won (totaling $4.099 million).
KIC has assets under management exceeding $200 billion, and its investment style has always been extremely conservative with a strict focus on risk management. The sovereign fund's purchase of CRCL this time symbolizes the highest level of endorsement from mainstream traditional finance (TradFi) for a stablecoin issuer's compliance and business model.
South Korean retail crypto investors are known in the crypto market for pursuing high-volatility, high-leverage assets like meme coins. Meanwhile, as a US-listed company, Circle's valuation is anchored in financial report data, and its stock movement aligns more closely with US tech and fintech stocks rather than the volatile surges and crashes of Bitcoin or small tokens. Therefore, it may be difficult to stimulate short-term price chasing among retail crypto investors. As of press time, Circle's stock price fell 0.74% in pre-market trading to $70.75.
Circle stock price chart, Source: TradingView
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