Visa signs 2nd Korean stablecoin deal this week, with Hana
Visa has entered a strategic partnership with Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, to advance stablecoin payments and global remittance infrastructure. This collaboration follows a similar agreement between Visa and Shinhan Financial, signaling a concerted effort by the payments giant to penetrate the South Korean digital asset market. Dunamu, which counts Hana Financial as a major shareholder following a $666 million investment, will focus on exploring business models centered around OpenUSD. OpenUSD serves as the primary stablecoin for Visa’s Stablecoin Platform, a project led by Bridge CEO Zach Abrams. By integrating these stablecoin solutions, Visa aims to modernize cross-border commerce and leverage AI-driven payment technologies. This move highlights the growing institutional interest in utilizing regulated stablecoins to bridge traditional finance with blockchain-based payment rails. The partnership underscores the strategic importance of South Korea as a hub for digital asset innovation and institutional adoption.
- ▸Visa partnered with Dunamu to explore stablecoin payments and global remittance models.
- ▸Hana Financial holds a $666 million stake in Dunamu, South Korea's largest exchange operator.
- ▸The collaboration focuses on OpenUSD, the lead stablecoin on Visa’s Stablecoin Platform.
- ▸This marks Visa's second major South Korean stablecoin partnership within a single week.
Visa’s Stablecoin Platform is an infrastructure initiative designed to enable financial institutions to issue and manage stablecoins for payment settlements. It aims to integrate blockchain-based assets into existing global payment networks, facilitating faster and more efficient cross-border transactions. The platform utilizes OpenUSD, a stablecoin framework designed to share reserve revenues with a broad network of institutional partners.