Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, and Visa have signed a strategic partnership to explore stablecoin payments, cross-border remittances and AI-powered financial services.

Under the agreement, the two companies plan to combine Dunamu’s digital-asset infrastructure with Visa’s global payments network. They have not announced a commercial product or a launch date.

The partnership will focus initially on potential stablecoin-based payment, remittance and settlement services. Any projects would be developed in stages, subject to local regulations as well as requirements related to stability, transparency and interoperability.

Dunamu and Visa to Examine OUSD Stablecoin Use

According to an official announcement, the companies also said they would explore potential business models involving Open USD (OUSD), a dollar-backed stablecoin initiative.

OUSD is a dollar-backed stablecoin developed through the Open Standard initiative, which counts Visa among a list of more than 140 global partners. The stablecoin has not launched yet. It is being developed as shared payments infrastructure, with no minting or redemption fees at scale, and most of the income generated from its reserves flows back to participating companies. Visa already has live stablecoin experience in payments, having begun USDC settlement pilots in 2021 and later expanded them to processors including Worldpay and Nuvei.

The partnership does not commit Dunamu to using OUSD, and the companies did not announce plans for a specific OUSD product.

AI Payments and Agentic Commerce

The partnership will also examine AI-based payments, including “agentic commerce,” a concept in which AI agents could search for products or services and complete purchases and payments on behalf of users.

Dunamu CEO Oh Kyung-seok said the partnership aims to connect digital assets with traditional financial infrastructure as AI, stablecoins and tokenization reshape payments and commerce.

South Korea’s Stablecoin Regulation Remains Unclear

South Korea has yet to establish a comprehensive stablecoin regime, leaving open questions over who will be allowed to issue won-backed stablecoins and how they will be regulated.

The gap contrasts with other major markets: the United States enacted the GENIUS Act, a federal framework for payment stablecoins, in July 2025, and the European Union’s Markets in Crypto-Assets regulation, which governs stablecoin issuance, has been fully applicable since the end of 2024. In Seoul, lawmakers have proposed digital-asset bills that would define issuer requirements — including whether non-banks such as exchanges should qualify — but none has passed.

Banks, fintech companies and crypto firms are positioning themselves ahead of the new rules, with stablecoins increasingly viewed as a potential tool for payments, remittances and financial settlement. South Korea’s major commercial banks have separately discussed issuing a joint won-based stablecoin.

Why This Matters

Dunamu operates Upbit, South Korea’s largest crypto exchange by trading volume. That market position gives the company a large user base and significant digital-asset infrastructure, making it a potential bridge between crypto markets and traditional financial services.

The company has attracted growing interest from major Korean financial and technology groups. Samsung, Hana Bank and NAVER have all taken positions, or pursued strategic ties involving Dunamu, as South Korea’s financial sector prepares for broader adoption of digital assets and stablecoins.

The Visa partnership adds another major global payments company to that ecosystem, as both firms explore how stablecoins and AI could become part of mainstream financial infrastructure. Other major payments companies have made similar moves: PayPal issues its own dollar stablecoin, PYUSD, and Mastercard has expanded stablecoin settlement and card programs.