Samsung SDS Partners with Upbit Operator Dunamu on Stablecoin Infrastructure

Samsung SDS is teaming up with Dunamu, the operator of Upbit, to build stablecoin issuance and settlement infrastructure. This move aims to create tokenized-securities systems and AI-based payment tools, as stated by Samsung's CEO Lee Jun-hee during its second-quarter earnings call on July 30.

However, there is no law yet that allows them to issue a won-pegged stablecoin. The Financial Services Commission has been preparing to merge 10 pending crypto and stablecoin bills into a single Digital Asset Basic Act, but hasn't set a filing date.

The Bank of Korea wants a bank-led consortium holding at least 51% ownership, which the FSC and fintech groups have pushed back on. This leaves Samsung SDS and Dunamu building the infrastructure before the rules exist, rather than after.