Korean retail investors investing in U.S. equities—known as “Seohak ants”—are quickly shifting their attention from traditional big tech stocks to crypto-related companies. Over the past month, the most heavily purchased stock among Korean investors was stablecoin issuer Circle, with other crypto ecosystem firms like Coinbase, Robinhood, and Bitmain also ranking high. In contrast, major tech stocks like Tesla and Nvidia, part of the so-called “Magnificent Seven,” saw net selling.
This shift aligns with recent developments in U.S. crypto regulation. A new bill focused on stablecoins has boosted the likelihood of firms like Circle becoming part of the formal financial infrastructur2e, prompting investor enthusiasm for long-term growth potential. Circle issues the U.S. dollar-based stablecoin USDC, which is gaining traction across global payments, remittances, and DeFi applications.
The reason Korean investors are focusing on Circle goes beyond short-term gains. Many see the company as a potential cornerstone of a new financial order. Circle’s stock surged nearly 500% within a month of its listing, reflecting heightened expectations. At the same time, platform players like Coinbase and Robinhood—some of which are tightly linked to the Ethereum ecosystem—are also drawing attention due to anticipated institutional inflows.
However, market experts warn that this trend could lead to overheating. Some stocks are already trading at high valuations, and volatility remains elevated. Nonetheless, the clear shift in sentiment and capital toward digital assets suggests that cryptocurrencies are being redefined—not just as speculative instruments, but as part of a new, utility-driven financial industry.
