MoonPay is adding another Korean partner to a growing list. In a press release distributed via PRNewswire on October 20, the crypto payments company said it is pursuing a strategic collaboration with Dunamu, the operator of Upbit, South Korea’s largest crypto exchange. The fine print matters. Every commitment in the release is framed as something the two will explore, review or identify. No product has been announced. No dollar figures, contract terms or launch dates were disclosed, and the release came from MoonPay alone, with no statement from Dunamu.

Still, the pairing is worth a look. It connects a global payments network with Korea’s biggest crypto exchange at a moment when Seoul still hasn’t decided who gets to issue a won-backed stablecoin.

Three Areas, All Exploratory

A stablecoin is a crypto token built to hold a steady value, usually pegged one-to-one to a currency like the US dollar or the Korean won. MoonPay and Dunamu named three places they want to test the idea.

First, cross-border payments and money transfers. The companies say they will review cases where digital assets could move funds between countries and examine whether new service models make business sense.

Second, corporate treasury, meaning how a business holds, moves and manages its cash. Here too, the stated plan is to review possible uses and identify opportunities.

Third, Dunamu’s own blockchain, GIWA. MoonPay would link its global services and partner network to GIWA, with the aim of giving GIWA-based services and assets better access to overseas markets.

Bugeon Lee, MoonPay’s head of Asia-Pacific, framed the goal as infrastructure that supports not only transfers but “the real financial operations of businesses.” The release closes by saying the two plan to firm up the technical and commercial potential of all three areas. Translation: feasibility work comes next.

GIWA Hasn’t Reached Mainnet

That third pillar needs context the release leaves out. GIWA, short for Global Infrastructure for Web3 Access, is an Ethereum Layer 2 network built on Optimism’s OP Stack, with one-second block times, according to The Block. A Layer 2 processes transactions on its own chain and then settles them back to Ethereum, which cuts costs and speeds things up.

It isn’t live for real-world use yet. On September 27, the GIWA team said on X that its mainnet had not launched, and its documentation lists only a Sepolia test network, crypto.news reported. The GIWA wallet and stablecoin products were still marked as coming soon.

The chain’s governance setup is also at the agreement-in-principle stage. In May, Dunamu and the Optimism Foundation announced a memorandum of understanding under which Upbit would run the chain itself, with definitive agreements still to follow.

So the “global expansion” piece of this deal means plugging a payments network into a blockchain that has no production users yet.

MoonPay’s Korea Campaign

Dunamu is MoonPay’s fourth named Korean partner in about three weeks.

On September 29, MoonPay launched a local subsidiary, MoonPay Korea, alongside partnerships with KakaoBank, Woori Bank and KB Financial Group. The KakaoBank work centers on overseas remittances and multi-currency stablecoin services. Woori is focused on global distribution for future won-pegged stablecoins. KB covers card payments, remittances and everyday spending.

Put together, MoonPay is pitching itself as plumbing: distribution, settlement and currency conversion, rather than issuing a won stablecoin itself. The banks bring regulated balance sheets. Dunamu brings Korea’s largest pool of crypto traders and a chain of its own.

MoonPay says it serves more than 35 million customers in 180 countries and over 1,500 enterprise clients. Those are the company’s own figures.

The Law Isn’t Written Yet

Won-backed stablecoins still have no legal basis in South Korea. The Digital Asset Basic Act, the framework meant to create one, has stalled. As of late September, a National Assembly hearing hadn’t been scheduled, and deliberations looked likely to slip to November or later, Bloomingbit reported. Open questions include who can issue won stablecoins, how they would be managed and whether to cap major shareholders’ stakes in exchanges.

That last item lands close to home for Dunamu. The government has also argued for bank-led issuance, with banks holding at least 50% plus one share of issuing groups, The Asia Business Daily reported in May.

Until those rules exist, any won-stablecoin product coming out of these partnerships stays hypothetical.

The Naver Angle

Neither MoonPay nor Dunamu trades publicly. The closest listed link is Naver Corporation (KRX: 035420), whose subsidiary Naver Financial agreed to absorb Dunamu through an all-stock share swap.

That deal keeps slipping. On October 7, the companies moved the share exchange date from December 31, 2026, to March 31, 2027, The Herald Business reported. It’s the third delay. The exchange ratio of 2.5422618 Naver Financial shares per Dunamu share is unchanged, and regulatory approvals, including merger clearance from the Korea Fair Trade Commission, are still pending.

For Naver shareholders, anything that comes of the MoonPay collaboration sits two steps away. The merger has to close. The work has to produce an actual product.

What to Watch

This is a statement of intent, not a launch. The milestones that would make it real are straightforward: a GIWA mainnet date, movement on the Digital Asset Basic Act in November, a signed agreement with a defined product, and a closed Naver Financial deal.

One practical note for readers. GIWA does not currently advertise a native token, and its team has warned users about scams circulating ahead of launch. Any token marketed as GIWA’s deserves real suspicion.

Sources

• MoonPay and Dunamu to Collaborate on Global Digital Asset Financial Infrastructure, PRNewswire, October 20, 2026.
• MoonPay Launches MoonPay Korea, Partners with KakaoBank, Woori Bank & KB Financial Group, MoonPay, September 29, 2026.
• Upbit-backed GIWA says mainnet is not live, denies RPC leak, crypto.news, September 27, 2026.
• Crypto exchange Upbit launches Ethereum Layer 2 chain Giwa on testnet, The Block, September 8, 2025.
• Dunamu Just Signed an MoU on GIWA Chain, Optimism Foundation, May 2026.
• Digital Asset Basic Act Hearing Still Unscheduled, Raising Chance Bill Deliberations Slip to November, Bloomingbit, September 2026.
• Experts Warn: “Korean Won Stablecoin Must Not Be Delayed Any Further”, The Asia Business Daily, May 12, 2026.
• Dunamu-Naver Financial share swap pushed to next year, The Herald Business, October 7, 2026.

Editorial Disclosure

This article is based on a press release issued by MoonPay on October 20, 2026, distributed via PRNewswire. Securities discussed: none directly. MoonPay and Dunamu are privately held and have no publicly traded shares; Naver Corporation (KRX: 035420) is referenced for context because its subsidiary, Naver Financial, has a pending agreement to acquire Dunamu. No token or digital asset is issued by either company in connection with this announcement. Next Gen Tech Stocks has not received compensation from MoonPay, Dunamu, Naver, their management, investor relations representatives, or any third party for this coverage. No staff member or principal of Next Gen Tech Stocks holds a position in any security mentioned at the time of publication. Statements regarding the planned collaboration areas, the development of the GIWA blockchain, the timing of the Naver Financial and Dunamu share exchange, and South Korean stablecoin legislation are forward-looking and subject to change; actual outcomes may differ materially. Stablecoins and other digital assets face significant regulatory uncertainty, and won-denominated stablecoins do not yet have a legal framework in South Korea. References to these companies are for market context and analytical purposes only and do not constitute an investment recommendation. All securities and digital assets carry investment risk including possible loss of capital.

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