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Finance

Brokerage boom lifts securities units as key profit driver for financial holdings

A surge in South Korean stock market turnover is making securities subsidiaries a key earnings driver for financial holding companies. Average daily turnover in the second quarter is estimated at 89.6 trillion won, up 28.6 percent from the first quarter, with May topping 100 trillion won for the first time. Brokerages are expected to post sharp profit gains, supporting non-interest income. Risks include bond valuation losses, higher credit costs and tighter rules on single-stock leveraged products.

Crypto

Coinbase joins OpenUSD, raising questions over Circle\'s position

Coinbase, a key partner behind Circle\'s USDC, has joined the founding camp of new stablecoin OpenUSD (OUSD), reports said. OpenUSD says it will charge no issuance or redemption fees and share much of reserve interest with distribution partners. Circle Chief Executive Jeremy Allaire defended USDC’s network effects and cited data on its on-chain volumes. Analysts flagged cold-start hurdles, consortium coordination and regulatory risks.

Finance

Capital markets also show economies of scale as big brokerages rush to boost capital

Competition among securities firms to bolster capital is spreading quickly, led by large brokerages, as more businesses link bigger capital bases to revenue growth. KB Securities decided on a 1 trillion won rights offering after earlier support from KB Financial Group. Similar moves include Korea Investment & Securities, Woori Investment & Securities and NH Investment & Securities, while Hanyang Securities also joined. The combined amount totals about 4.65 trillion won this year.