Kakao Pay Files 18 KRW Stablecoin Trademarks Ahead of Legalization Crypto Market Sells Off 20% Amid Iran Strait of Hormuz Tensions Base Sees $35.92 Million Inflow as Investors Rotate into High-Growth Chains

Kakao Pay, a prominent payment giant in South Korea, has filed 18 trademark applications related to KRW stablecoins with the Korean Intellectual Property Office. These trademarks cover a range of services including virtual asset trading, electronic transfers, and financial services. This move is seen as a strategic step ahead of Korea’s upcoming “Digital Asset Basic Law,” which is set to legalize privately issued KRW stablecoins. The competition in this space is heating up, with other companies like Nexthurs also expressing interest in obtaining a first-mover license.

Kakao Pay’s proactive approach is aimed at dominating the KRW stablecoin infrastructure. With its extensive user base and integration across Korea’s financial ecosystem, the company is well-positioned to lead in this emerging market. As the regulatory environment evolves, this sector could become a critical battleground for fintech and Web3 convergence.

Geopolitical tensions surrounding Iran’s threat to block the Strait of Hormuz have triggered a broad sell-off in the crypto market. Bitcoin briefly dipped below $100,000, marking a new low for May, while Ethereum and XRP also experienced significant declines. The Strait of Hormuz is a crucial oil route, accounting for approximately 20% of global oil transport. Any disruption in this route could lead to escalating energy prices and heightened inflation expectations.

The sell-off in the crypto market highlights its vulnerability to geopolitical shocks. Despite the narrative of Bitcoin as “digital gold,” major tokens still react like high-risk assets. Rising oil prices and inflation fears could lead to tighter liquidity and broader market stress, particularly for speculative assets.

Recent on-chain data reveals that the top three cross-chain bridge net inflows in the past week were Base, Unichain, and Hyperliquid. Base saw an inflow of $35.92 million, Unichain $15.04 million, and Hyperliquid $8.75 million. In contrast, the largest outflows were observed from Bera, Avalanche, and Mantle. These flows indicate growing investor confidence in select chains. Base benefits from Coinbase’s backing and strong Layer 2 performance. Unichain’s deep integration with DeFi protocols like Uniswap is driving its momentum, while Hyperliquid is gaining traction in the on-chain derivatives sector thanks to its native order-matching and asset model. Funds are rotating into ecosystems seen as high-growth or underpriced.