Payment platform shares have been surging day after day on expectations that stablecoins will be institutionalised. As policy signals continue that digital assets will be used as a growth engine to open an era of KOSDAQ 3,000, Hecto Financial, Kakao Pay and Naver, dubbed "Hekka-ne", have been grouped as leading beneficiaries and moved to the centre of the market. Attention is now focused on earnings.

President Lee Jae-myung (이재명) is known to have recently discussed measures to revitalise capital markets using digital assets at a luncheon with members of the Democratic Party's KOSPI 5,000 special committee. In the process, examples of won-pegged stablecoins were mentioned, and a proposal was made that building a digital asset ecosystem is needed to reach KOSDAQ 3,000. The party's Digital Asset Task Force plans to submit as party policy a Digital Asset Framework Act, including stablecoins, next month, accelerating the move toward institutionalisation.

As policy expectations are reflected in the market, companies that have already secured payment infrastructure are drawing attention. Hecto Financial, Kakao Pay and Naver all operate payment platforms with large user bases and merchant networks, and are seen as likely beneficiaries because stablecoins could be linked to existing systems without building separate infrastructure if they are brought into the formal payment system.

Hecto Financial is emerging as a leading stablecoin-related stock. It is a fintech company that runs account-based banking services and a payment gateway business, including virtual accounts, easy cash payments and firm banking, and it has market-leading competitiveness in easy cash payments. It is also seen as the only fintech company in South Korea that directly operates large-bank systems, with unrivalled expertise in virtual accounts.

A new growth driver has also been added through expansion of its stablecoin business. Hecto Financial is the only domestic payments operator to participate in a dedicated blockchain testnet run by Circle, a global stablecoin issuer, targeting both cross-border settlement and digital-asset payments. Some see that adding blockchain settlement technology to existing payment systems could create new revenue sources and further speed up earnings growth.

Earnings are also showing clear growth. According to financial data firm FnGuide, Hecto Financial's consolidated 2025 revenue is forecast at 186.8 billion won and operating profit at 16.3 billion won, a record high. The Korea IR Council also forecast revenue of 188.1 billion won and operating profit of 16.0 billion won, projecting double-digit growth.

Kakao Pay is also being driven by policy expectations and improving earnings at the same time. With its easy payment and remittance services and online and offline payment network already in place, it is seen as an operator that could move fastest to actual use if stablecoins are introduced. Its experience operating large-scale fund management and settlement systems through its prepaid balance business is also seen as similar to a stablecoin operating structure.

Recent earnings trends have also been improving sharply. According to Korea Investment & Securities, Kakao Pay's operating profit for the fourth quarter of 2025 is forecast at 20.9 billion won, and it is expected to continue rapid gains after turning profitable.

Ho-yoon Jung (정호윤), an analyst at Korea Investment & Securities, said, "As the payments business returns to growth, the securities and insurance segments in the financial business are growing structurally, strengthening earnings power." As a result, there are forecasts that operating profit in 2026 will reach 103.7 billion won. If stablecoin legislation gathers pace, the potential to expand into new financial services is also being added.

Naver is also being seen as likely to emerge as a key operator in the stablecoin ecosystem. The vast online and offline merchant network held by Naver Pay could also serve as strong competitiveness in the digital-asset distribution market. Some also say that, combined with a cooperation structure with Dunamu, which has built experience in blockchain, Naver could grow into an operator spanning issuance and distribution.

Jae-min Ahn (안재민), an analyst at NH Investment & Securities, said, "Stablecoin issuance is likely to proceed centred on banks, but there is ample room for platform companies such as Naver or Dunamu to participate in consortium form." He added, "A stock-swap event between Naver Financial and Dunamu could also act as a positive momentum alongside progress in institutionalisation."

As a result, a view is spreading that the recent surge in share prices may not be just a theme-driven move but the start of a structural change where earnings growth and shifts in the policy environment align. Some also assess that if platform companies with payment infrastructure already in place come to serve as a gateway connecting stablecoins to the real economy, current expectations could well translate into actual numbers.

An industry official said, "Not only policy expectations but also the earnings trend itself is improving, supporting this share-price rise." The official added, "If stablecoins are brought into the system, the growth story of payment platform companies could expand by another step."