Payment-Related Stocks Rally on Stablecoin Hopes; Analysts See Further Upside

[Financial News] As the introduction of a Korean won stablecoin comes into view, payment-related stocks have recently rallied. They gave back part of their sharp gains the following day, but the medium- to long-term uptrend has remained intact. Analysts expect these stocks to benefit once a Korean won stablecoin is actually launched, while in the short term they see Artificial Intelligence (AI) commerce as a key driver of earnings.
According to the Korea Exchange (KRX) on the 22nd, Kakao Pay closed at 50,100 won the previous day, up 14.77% from 43,650 won on the 18th of last month. On the 20th in particular, it finished at 53,800 won, a jump of 12.08% from the prior session’s close of 48,000 won.
Kakao Pay hit a 52-week high of 114,000 won on June 25 last year, then fell 61.71% by the 18th of last month. When the new administration, launched in June last year, first mentioned plans to introduce a Korean won stablecoin, Kakao Pay, which had been trading in the 20,000–30,000 won range in the first half of that year, surged into the 110,000 won range. The share price later retreated to the 40,000–50,000 won range and moved sideways until recently, when it began to climb again.
Naver Corporation, which operates Naver Pay, and NHN KCP, a payment and settlement infrastructure company, have shown similar share-price patterns. Naver Corporation rose 2.52% on the 20th, while NHN KCP gained 3.57% on the same day. These companies also strengthened on expectations for a Korean won stablecoin right after the new government took office, then traded sideways before recently showing signs of another upturn.
The latest rally has also been driven by anticipation over the introduction of a Korean won stablecoin. On the 20th, the Democratic Party of Korea (DPK) Digital Asset Task Force held a plenary meeting and discussed integrating the various bills on the General Act on Digital Assets that lawmakers have submitted so far. After another round of discussions on the 27th, they plan to finalize a Digital Asset Basic Act Consolidated Bill and move to formally introduce it in February.
Unlike last June, the legislative process is now gaining speed, raising expectations that an actual rollout will take place this year. The securities industry believes that if a Korean won stablecoin is indeed introduced, payment-related stocks could enjoy medium- to long-term benefits.
Park Jun-kyu, an analyst at Samsung Securities, stated, "This year is expected to present an opportunity for payment companies, as the legislative process related to stablecoins is highly likely to be completed within the year." He added, "Companies that build a differentiated ecosystem based on stablecoins and expand economies of scale using the profits generated there will be the ones to benefit."
However, the introduction of a Korean won stablecoin alone is unlikely to drive explosive growth, so business strategies that can support earnings are also needed. In this context, "AI commerce" is emerging as a key. AI commerce refers to services in which AI supports the entire shopping journey, from product discovery and comparison to the final purchase decision.
Park noted, "With the future adoption of Agentic AI, large payment companies that either hold commerce-based payment data or have an advantage as payment platforms are highly likely to emerge as major beneficiaries." He continued, "As Agentic AI becomes more sophisticated on the back of high-quality payment data, companies will be able to create a virtuous cycle that both strengthens the lock-in effect on consumers and further expands their payment data."
yimsh0214@fnnews.com Reporter Lim Sang-hyuk Reporter