Visa Teams Up With Upbit's Parent on Stablecoin Payments and Cross-Border Remittances

Visa has partnered with Dunamu, the parent company of South Korean cryptocurrency exchange Upbit, to explore stablecoin payments and cross-border remittances. The companies will combine Dunamu's digital asset technology with Visa's global payments network to examine payment, remittance, and settlement services in major markets.

The partnership aims to connect digital assets with traditional finance, according to Oh Kyung-seok, CEO of Dunamu. 'The spread of AI, stablecoins, and tokenization is a key trend that will change how finance and commerce operate,' he said.

Visa and Dunamu are considering business models involving Open USD (OUSD), a dollar-backed stablecoin proposed by Open Standard in June. Over 140 companies have signed up to use OUSD, including Visa, Mastercard, Stripe, Coinbase, and BlackRock, according to Open Standard.