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FollowingUpbit operator Dunamu and Visa enter into strategic cooperation
Upbit operator Dunamu has established a strategic partnership with Visa. The two sides will jointly build stablecoin-based payments, cross-border remittances and artificial intelligence-driven financial services.
Dunamu's cooperation plan with Visa
The cooperation was officially announced at Visa's Global Market Support Center in San Francisco. Dunamu combines its digital asset technology-including custody, transfer and anti-money laundering tools accumulated through Upbit-with Visa's payment network. Specifically, the cooperation will explore international payment, remittance and settlement services based on stablecoins, as well as artificial intelligence-driven financial services. In addition, both parties will also enter the field of agency commerce, where AI agents will find products or services for users and complete purchases and payments on their behalf.
Both companies said they will study business models based on OUSD, a stablecoin backed by the US dollar. OUSD is launched by the Open Standard Alliance, which includes Visa, Mastercard, BlackRock, Circle and more than 140 other institutions, but has not yet been officially launched. Unlike Tether's USDT and Circle's USDC, which are operated by a single company, OUSD is designed as a shared infrastructure managed through independent governance. Most of the reserve proceeds of OUSD are returned to the banks, card organizations and exchanges that distribute the stablecoin, and no issue or redemption fees are charged.
According to a Dunamu spokesperson, OUSD is only one of the multiple stablecoins that the company is evaluating and currently "does not prioritize or exclude specific stablecoins." It is worth noting that Dunamu was listed as a partner in the alliance along with a number of South Korean companies, but Dunamu later stated that it had not signed a formal joining agreement.
Why Visa expands the South Korean stablecoin market
According to reports, Shinhan Financial Group signed a strategic agreement with Visa on August 24 to test the issuance, remittance and exchange of stablecoin. This is the second stablecoin cooperation reached by Shinhan Financial Group in four months. Visa has also joined the Monetary Authority of Singapore's BLOOM project, which aims to connect traditional payment systems with regulated stablecoin tracks, with JPMorgan Chase, DBS Bank and Circle among others as participants.
As of April 2025, Visa's annualized settlement amount has reached US$7 billion. It has run stablecoin pilot projects on 9 blockchains, and launched more than 130 stablecoin-related card plans in approximately 40 countries.
The launch of the above products depends on whether South Korea passes legislation related to digital assets. According to reports, the Basic Law on Digital Assets is still under review by the South Korean National Assembly. The law may only allow groups in which commercial banks hold at least 51% of their shares to issue Korean won backed stablecoins, after the Bank of Korea has warned against allowing non-bank institutions to issue stablecoins.
Before reaching a partnership with Visa, Asiana Financial Group acquired a 6.55% stake in Dunamu in May to jointly build the Korean won stablecoin ecosystem. Samsung affiliates also acquired a total of 4% of the company's shares before holding stablecoin and AI payment negotiations in July. Dunamu also operates its own public chain Giwa. At present, the target country, service form and launch timetable of this financial service have not yet been determined.
