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Visa works with Upbit parent on stablecoin payments, AI commerce
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- DeepHorus
Visa and Dunamu, the parent company of South Korean cryptocurrency exchange Upbit, have announced a strategic partnership focused on exploring stablecoin payments, cross-border remittances, and artificial intelligence-powered commerce. The collaboration, revealed in a Friday announcement from Dunamu, aims to combine Dunamu's digital asset technology with Visa's extensive global payments network to develop new payment, remittance, and settlement services across major markets.
The partnership emerges against a backdrop of accelerating digital finance innovation, where stablecoins and AI are increasingly seen as transformative forces. Dunamu CEO Oh Kyung-seok emphasized that the "spread of AI, stablecoins and tokenization is a key trend that will change how finance and commerce operate." The core objective is to bridge the gap between the burgeoning digital asset ecosystem and traditional financial infrastructure.
A key project under review is Open Standard's proposed Open USD (OUSD), a dollar-backed stablecoin unveiled in June. Open Standard has reported that over 140 companies, including Visa, Mastercard, Stripe, Coinbase, and BlackRock, have signed up to use OUSD. However, Dunamu has clarified that OUSD is one of several stablecoin projects being evaluated and that no specific coin has been prioritized for the partnership.
This clarification follows a July statement from Upbit distancing itself from OUSD issuance after Dunamu was named among the initiative's participants. The companies' review process indicates a broader, exploratory approach rather than a commitment to a single solution, allowing flexibility as the regulatory and technological landscape evolves.
Beyond payments, the partners will delve into "agentic commerce," where AI agents autonomously search for products, make purchases, and execute payments on a user's behalf. They aim to investigate the integration of AI with stablecoin payment and settlement infrastructure, potentially automating and streamlining commercial transactions on a global scale.
The alliance represents a significant move to mainstream digital asset applications by leveraging Visa's trusted rails and Dunamu's crypto expertise. It signals traditional finance's growing engagement with Web3 technologies and could set a precedent for how major payment processors and crypto firms collaborate to build the next generation of commerce infrastructure.
