Dunamu, the operator of Upbit, and Visa formalized a strategic partnership on Aug. 27 in San Francisco to build stablecoin and artificial intelligence-driven payment infrastructure. The agreement covers stablecoin payments, cross-border remittances, and AI-integrated financial systems designed to connect digital assets with existing financial infrastructure.
Dunamu CEO Oh Kyung-seok described the deal as a bridge between South Korea's largest crypto exchange operator and one of the world's biggest payment networks. Visa's Group President for Global Markets, Oliver Jenkyn, attended the announcement. The companies will explore how AI, stablecoins, and tokenization can work together, and will also investigate agentic commerce—AI systems capable of searching, purchasing, and settling payments on behalf of users.
Stablecoin payment services and remittance corridors will roll out in phases, pending relevant regulations and compliance requirements. No specific product launch date was announced.
Open USD Focus
Central to the partnership is Open USD (OUSD), a dollar-pegged stablecoin backed by a consortium that includes Visa, Mastercard, BlackRock, and more than 140 companies. The stablecoin allows participating firms to mint OUSD by depositing dollars into a reserve account and redeem it without fees.
Dunamu's involvement with Open USD has been contentious. In July, Dunamu and Samsung Electronics said they had never agreed to join the consortium despite being listed as founding participants, creating a dispute that affected the credibility of the OUSD launch. The partnership now positions OUSD as something Dunamu is considering rather than a settled commitment.
Broader Strategic Moves
The Visa deal comes amid significant activity for Dunamu. In May, Hana Financial Group agreed to purchase a 6.55% stake in Dunamu for roughly $670 million. The two companies are collaborating on a won-pegged stablecoin built on Dunamu's in-house Giwa blockchain. Samsung SDS has separately discussed stablecoin infrastructure and AI-based payment models with the company.
Dunamu is merging with Naver Financial, the fintech arm of internet company Naver, through a stock swap expected to close by September, ahead of a planned stock listing.
Visa has pushed its stablecoin settlement rails to a $7 billion annualized run rate across nine blockchain networks and recently launched a platform for banks and crypto firms to issue and manage stablecoins. The Dunamu partnership gives Visa a presence in South Korea as local banks and tech firms work to define what a regulator-approved, won-denominated stablecoin would look like.
