Hana Financial, Dunamu Test Real-Time Stablecoin Payment, Settlement System

Hana Financial Group and Dunamu have launched a proof of concept for a stablecoin payment and settlement system using Upbit and GIWA Wallet.

According to Newsis on Oct. 23, Hana Financial and Dunamu are testing stablecoin-based real-time payments and merchant settlement functions by linking Upbit with GIWA Wallet.

The two companies are trialing ways to shorten merchant settlement times from several days on existing card payment networks to near real time. The initiative is intended to improve cash-flow efficiency for small business owners.

The proof of concept also includes a function that allows multiple stablecoins to be used in a single transaction. Using a card linked to an Upbit wallet, users would be able to pay with multiple stablecoins, including Tether's USDT and USD Coin's USDC. If the balance of a selected asset is insufficient, the system would automatically switch to another stablecoin.

Hana Financial plans to apply the results of the test to an actual payment service once the relevant framework is in place. Hana Card, the group's card unit, is also participating in the proof of concept.

Hana Card also plans to develop tailored financial-linked services and exclusive partnership benefits for Dunamu VIP customers, with the offering scheduled to begin in January next year.

Based on the partnership, Hana Financial plans to move ahead with building domestic stablecoin payment and settlement infrastructure.