Seoul, Aug 11
South Korean individuals investing in overseas stocks have increasingly turned to virtual asset-related shares, such as those tied to stablecoins, instead of US big tech shares, a report showed on Monday.
The proportion of virtual asset-related stocks among the top 50 net-bought stocks by local individual investors rose from 8.5 percent in January to 36.5 percent in June before slightly declining to 31.4 percent in July, according to a report by the Korean Center for International Finance (KCIF).
Net purchases of the top seven U.S. big tech stocks, however, dropped from a monthly average of $1.68 billion between January and April to $440 million in May, $670 million in June and further to $260 million in July, reports news agency.
"Investments in virtual assets, particularly in shares related to stablecoins, have expanded following the passage of the U.S. GENIUS Act," the report said. Last month, U.S. President Donald Trump signed the act, which focuses on setting up regulatory guidelines for the stablecoin industry and paves the way for private firms to issue them.