Samsung's IT Division Partners with Upbit Owner on Stablecoin Development
The IT services division of Samsung is in talks with Dunamu, which operates the South Korean cryptocurrency platform Upbit, regarding stablecoin infrastructure development and artificial intelligence-powered payment systems.
The IT services division of Samsung Group, Samsung SDS, is in discussions regarding stablecoin infrastructure development, digital asset systems, and artificial intelligence-driven payment models alongside Dunamu, which operates Upbit, among the largest cryptocurrency exchanges in the country.
During the company's earnings call for the second quarter held on Thursday, Samsung SDS CEO Lee Jun-hee revealed that the company is exploring potential collaboration opportunities with Dunamu focusing on stablecoin infrastructure, digital asset systems, and business models for AI-based payment solutions.
"Through our work on the Korea Securities Depository's tokenized securities platform project and through comprehensive end-to-end validation [...] covering the complete stablecoin process from issuance through to settlement, we have already established differentiated capabilities in digital asset infrastructure," Lee stated. He expressed his belief that the partnership with Dunamu would enable Samsung SDS to grow its presence in the digital asset infrastructure marketplace.
This announcement follows Samsung Electronics' recent unveiling of its intention to integrate stablecoin support into Samsung Wallet, which represents a broader expansion of the company's involvement in digital assets.
Strategic investment targets digital finance
During May 2026, Samsung Card, Samsung SDS, and Samsung Securities reached an agreement to acquire a collective 4% ownership stake in Dunamu, strengthening the connections between Samsung affiliates and South Korea's digital asset industry.
During the most recent Q2 earnings call, Lee was reported to have characterized the company's investment in Dunamu as a strategic initiative rather than purely a financial investment, noting that both organizations intend to develop and refine potential business models within the digital financial infrastructure space.
"Through the integration of Samsung SDS's capabilities in IT services, cloud solutions, and security with Dunamu's blockchain knowledge and expertise, our goal is to establish leadership in this market," according to the Q2 transcript.
While Dunamu declined to provide comment, Samsung SDS did not immediately respond to Cointelegraph's request for comment.
AI growth supports broader expansion
This digital asset initiative is taking place as Samsung SDS continues its broader expansion into AI and cloud services, which contributed to a 5.9% year-over-year increase in Q2 revenue, reaching 3.72 trillion Korean won ($2.6 billion), based on the quarterly earnings presentation.
Cloud revenue saw a 17% increase compared to the previous year, while revenue from external cloud business surged by 75%, fueled by growing demand for Samsung's graphics processing unit-as-a-service offerings and cloud platform.
The company also reportedly revealed ambitious expansion plans for its AI infrastructure, targeting growth from the current 110 megawatts to 230 MW by 2029 and exceeding 800 MW by 2031, highlighting its comprehensive strategy to develop AI infrastructure in parallel with digital finance services.