Samsung SDS and Dunamu Build Stablecoin Infrastructure Before Korea Passes a Law

Samsung SDS is in talks with Dunamu, the company behind the Upbit exchange, to build stablecoin infrastructure and tokenized securities systems, chief executive Lee Jun-hee said during the company's second-quarter earnings call on July 30. The companies also plan AI-based payment tools, Lee said.

Neither company can issue a won-pegged stablecoin today. South Korea does not have a stablecoin law. The Financial Services Commission said July 29 it is merging 10 pending crypto and stablecoin bills into a single Digital Asset Basic Act. It has not set a filing date. The central unresolved question is who can issue. The Bank of Korea wants a bank-led consortium holding at least 51% ownership. The FSC and fintech groups have opposed that.

Samsung isn't alone in this bet. Samsung SDS bought a stake in Dunamu jointly with Samsung Securities and Samsung Card in May for about $408 million. Hana Bank invested $670 million in the same company earlier. Mirae Asset took control of rival exchange Korbit and rebranded it Digital X. OKX Ventures and Korea Investment & Securities bought into Coinone. None of these deals wait for the law. All of them lock in exchange stakes or infrastructure access before licensing terms exist.