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Samsung SDS is in active talks with Dunamu — the company behind South Korea’s dominant crypto exchange Upbit — on building stablecoin infrastructure and AI-driven payment systems. It’s a move that puts one of Korea’s biggest IT conglomerates squarely in the digital asset business.
The discussions came to light during Samsung SDS’s second-quarter earnings call, where CEO Lee Jun-hee spoke openly about the Dunamu collaboration. Lee said the two companies are looking at stablecoin infrastructure, digital asset systems, and AI-based payment models. He pointed to Samsung SDS’s existing work on the Korea Securities Depository’s tokenized securities platform as a kind of proof-of-concept — basically showing the company already has skin in the digital finance game. And the timing wasn’t accidental. Just before the earnings call, Samsung Electronics separately disclosed plans to add stablecoin support inside Samsung Wallet, which made the Dunamu talks feel less like an experiment and more like a coordinated push across the Samsung group. Earlier this year, Samsung affiliates — Samsung SDS among them — picked up a 4% stake in Dunamu. That’s not a passive bet. That’s a seat at the table.
Neither Samsung SDS nor Dunamu commented further.
Revenue Already Moving in the Right Direction
The digital asset push sits on top of a solid financial quarter for Samsung SDS. Second-quarter revenue rose 5.9% to 3.72 trillion Korean won, or roughly $2.6 billion. Cloud was the engine. Overall cloud revenue jumped 17%, but the external cloud business — the part that sells to clients outside the Samsung group — surged 75%. That’s a pretty dramatic number. It’s driven by demand for Samsung SDS’s cloud platform and its GPU-as-a-service products, which are catching on as companies scramble to build AI capacity. So the company isn’t just talking about digital finance ambitions — it’s already generating real momentum in the infrastructure layer that would support them.
The stablecoin and digital asset work, when it materializes, would likely plug into that same cloud and security backbone. Lee’s framing on the earnings call leaned hard into the idea that Samsung SDS’s IT services, cloud capabilities, and security expertise are exactly what digital asset infrastructure needs. Dunamu brings the blockchain know-how. The combination, at least in theory, covers most of the stack.
AI Infrastructure Plans Are Enormous
Separate from the Dunamu angle, Samsung SDS has laid out an AI capacity roadmap that’s hard to ignore. The company currently runs 110 megawatts of AI infrastructure. It wants to hit 230 MW by 2029. And then — and this is the number that raised eyebrows — over 800 MW by 2031. That’s more than a sevenfold increase from where it stands today. No details on exactly how that capacity gets built or funded, but the targets are on the record.
For context, that kind of AI infrastructure scale isn’t just about serving internal Samsung needs. At 800 MW, Samsung SDS would be operating at a level that competes with serious regional cloud and AI service providers. It’s not clear yet how much of that capacity gets pointed at digital finance versus broader enterprise AI, but the scale of the ambition is there.
Stablecoin infrastructure, if Samsung SDS and Dunamu actually build it out, would benefit from exactly this kind of compute backbone. Running real-time payment systems, settlement layers, and AI-based compliance or fraud detection at scale requires serious infrastructure. Samsung SDS seems to be betting that it can be both the picks-and-shovels provider and a strategic partner in the ecosystem itself.
The stablecoin market across Asia has grown fast in recent years, with demand coming from both retail users and institutional players looking for dollar-denominated settlement options outside traditional banking rails. South Korea, with its large and active crypto trading population, is a natural market for that kind of infrastructure. Upbit is the dominant exchange in the country, so Dunamu’s involvement gives any stablecoin product a ready distribution channel.
Unclear yet whether the Samsung SDS-Dunamu work will produce a standalone stablecoin product, a white-label infrastructure service for other financial institutions, or something else entirely. Lee’s comments on the earnings call were directional, not a product announcement. The companies are still in the exploration phase, at least publicly.
What’s probably not in doubt is that Samsung SDS wants to be the infrastructure layer — not just a passive investor — as South Korea’s digital asset market matures. The 4% Dunamu stake, the tokenized securities work with Korea Securities Depository, the Samsung Wallet stablecoin integration, and now the direct Dunamu talks all point the same direction.
Samsung SDS’s external cloud business revenue grew 75% in the second quarter.
Frequently Asked Questions
What are Samsung SDS and Dunamu working on together?
Samsung SDS CEO Lee Jun-hee said the two companies are exploring stablecoin infrastructure, digital asset systems, and AI-based payment models, as discussed during Samsung SDS’s second-quarter earnings call.
How big is Samsung SDS’s stake in Dunamu?
Samsung affiliates, including Samsung SDS, acquired a 4% stake in Dunamu earlier this year, giving the group a direct financial interest in the operator of South Korea’s Upbit exchange.
