Samsung SDS President Lee said the Dunamu stake is for digital asset infrastructure. The companies are discussing stablecoin systems and AI payments, while Samsung Wallet adds stablecoin support.
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Samsung SDS has identified stablecoin infrastructure as the first major collaboration area under its investment in Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit. The company disclosed the plans during its second-quarter earnings conference call on Wednesday.
President Lee Joon-hee said the stake in Dunamu was made to enter the digital asset infrastructure business, not as a financial investment. Samsung SDS intends to combine Dunamu's blockchain operating experience with its own IT services, artificial intelligence, cloud computing and cybersecurity capabilities to strengthen digital financial infrastructure, he said.
Lee added that discussions are continuing on stablecoin infrastructure and AI-based payment systems. Samsung SDS said both sides are working toward developing concrete business models.
The comments provide the clearest description yet of Samsung SDS's plans after it invested in Dunamu earlier this year. In May, Samsung affiliates agreed to acquire a combined 4% stake in Dunamu for 612.8 billion won, or about $408 million, by purchasing 1.39 million shares from Kakao-linked entities. Samsung Securities bought 2%. Samsung SDS bought 1%. Samsung Card bought the remaining 1%.
At the time, Samsung SDS said it planned to combine its AI, cloud, security and data management services with Dunamu's blockchain expertise. Dunamu said it expected cooperation on blockchain investment products and payment infrastructure.
The latest remarks come less than a week after Samsung Electronics disclosed plans to bring stablecoin support to Samsung Wallet. During the Galaxy Unpacked event on July 24, Samsung Electronics said the wallet application will support stablecoins alongside payments, rewards and digital assets. It did not disclose launch dates, supported tokens, blockchain networks or regional availability.
Product manager Lee Dinham said at the event that Samsung Wallet would expand beyond conventional payment functions to include stablecoins, allowing users to transfer digital value directly from compatible Galaxy devices.
The direction also differs from Samsung's response to Open Standard's proposed OUSD stablecoin consortium earlier this month. According to South Korean newspaper Chosun, Samsung said it had not held formal consultations with Open Standard and did not know what role it was expected to play after being listed as a founding consortium member. Dunamu, Shinhan Bank and K-Bank also told the newspaper they were still reviewing the proposal and had not approved participation.
Samsung SDS disclosed alongside the conference call that second-quarter revenue increased 5.9% year over year to 3.7178 trillion won. Operating profit rose 0.7% to 231.8 billion won. Net profit climbed 4.6% to 184.1 billion won.
IT services revenue reached 1.7625 trillion won, up 5% from a year earlier.
Cloud operations remained the fastest-growing segment. Revenue from the cloud business increased 17% to 779.4 billion won, while external cloud business revenue jumped 75% year over year.
According to Samsung SDS, cloud service provider revenue grew 24% as demand for Samsung Cloud Platform increased and GPU-as-a-Service deployments expanded across public-sector and enterprise customers. Cloud management services revenue also rose 17%, supported by AI transformation projects in the financial sector and enterprise resource planning deployments within South Korea's shipbuilding industry.
Alongside its blockchain plans, Samsung SDS said it continues expanding AI infrastructure and enterprise AI offerings. The company said it was recently selected as a core operator under South Korea's government-backed GPU infrastructure program and launched an NPU-as-a-Service product based on FuriosaAI's Renegade neural processing chip. It has also secured AI-related projects with Woori Bank and the Export-Import Bank of Korea while maintaining partnerships with OpenAI and Google Cloud for generative AI services.
Samsung SDS currently operates about 110 megawatts of AI infrastructure and plans to expand capacity to 230 megawatts by 2029. According to the company, that figure is expected to exceed 800 megawatts by 2031 when design, construction and operational projects are included.
The infrastructure buildout accompanies Samsung SDS's strategy of pairing its cloud and AI capabilities with Dunamu's blockchain platform. The companies continue discussions around stablecoin infrastructure and digital asset payment systems.
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