Visa has signed a strategic partnership with Dunamu, the operator of South Korea’s largest crypto exchange Upbit, to explore stablecoin payments, global remittances and AI driven commerce. The deal marks Visa’s second Korean partnership this week, following an arrangement with Shinhan Financial.
While Shinhan is Korea’s second largest financial group, Hana Financial, the third largest, recently spent $666 million to acquire a stake in Dunamu. The Shinhan deal emphasized exploring the use of the Visa Stablecoin Platform (VSP), which was not explicitly mentioned in the Dunamu announcement. Instead Dunamu discussed exploring business models for OpenUSD, the lead stablecoin on the VSP.
OpenUSD was unveiled in June as a stablecoin with 140 major partners, with whom most of the reserve revenues will be shared. It is led by Zach Abrams, CEO and co-founder of Stripe-owned Bridge.
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