Visa works with Upbit parent on stablecoin payments, AI commerce
Written by Helen Partzstaff writerReviewed by Yohan Yunstaff editorVisa and Dunamu will explore stablecoin payments and remittances, with Open Standard’s proposed OUSD among several projects under review.
Visa and Dunamu, the parent company of South Korean cryptocurrency exchange Upbit, have formed a strategic partnership to explore stablecoin payments, cross-border remittances and artificial intelligence-powered commerce.
The companies will combine Dunamu’s digital asset technology with Visa’s global payments network to explore payment, remittance and settlement services in major markets, according to a Friday announcement from Dunamu.
“The spread of AI, stablecoins and tokenization is a key trend that will change how finance and commerce operate,” Dunamu CEO Oh Kyung-seok said, adding that the partnership aims to connect digital assets with traditional finance.
Dunamu and Visa are considering business models involving Open Standard’s proposed Open USD (OUSD), a dollar-backed stablecoin unveiled in June. Open Standard said more than 140 companies had signed up to use OUSD, including Visa, Mastercard, Stripe, Coinbase and BlackRock. Dunamu said OUSD is one of several stablecoin projects under review and that it has not prioritized a specific stablecoin for the partnership.
In July, Upbit said it was not participating in the issuance of OUSD after its operator, Dunamu, was named among the businesses involved in the initiative.
The companies will also explore agentic commerce, in which AI agents can search for products and services and make purchases and payments on a user’s behalf. They will examine ways to combine AI with stablecoin payment and settlement infrastructure.
Related: Mirae Asset lays out crypto, stablecoin, tokenization plans for Digital X
Subscribe to daily byte-sized crypto news from Cointelegraph
More on the subject
