NEXUS Co., Ltd. announced on August 30 that it has signed a strategic memorandum of understanding (MOU) at Korea Blockchain Week with Fasset, a digital financial firm headquartered in Dubai, United Arab Emirates, for cooperation on stablecoin-based financial infrastructure. This agreement was made to explore various areas of cooperation, including payment infrastructure integration and stablecoin settlement.

Under this agreement, the two companies will review cooperation across multiple sectors, including payment infrastructure integration, stablecoin settlement, and the development of co-branded digital financial products. In the payment sector in particular, the companies will pursue a joint proof-of-concept linking the payment infrastructure of NEXUS Co., Ltd. with the fiat-to-crypto conversion infrastructure of Fasset. In the stablecoin sector, they will form and quarterly operate a joint task force to discuss cooperation directions for stablecoin infrastructure pegged to the United Arab Emirates dirham and the South Korean won, respectively.

Fasset is an AI-powered stablecoin digital finance platform headquartered in Dubai. The company obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority in 2023 to provide digital asset services. In August of last year, Fasset attracted a $68 million Series C investment led by SBI Group, achieving a valuation of $1 billion. The enterprise currently supports over 3 million wallets and more than 1,000 corporate clients across 125 countries, operating payment and settlement infrastructure that connects various financial pathways.

NEXUS Co., Ltd. is building infrastructure for the distribution, payment, and settlement of games and digital content through ONE store. In June of last year, the company secured its content distribution foundation by incorporating ONE store as a subsidiary. Alongside this, NEXUS Co., Ltd. is expanding its fiat-centric payment infrastructure into the stablecoin domain.

Mohammad Raafi Hossain, CEO of Fasset, stated, "The next phase of finance is about freely connecting people, assets, and payment networks," adding, "We will expand infrastructure where stablecoins are utilized for actual payments and settlements so that access to financial opportunities does not depend on where one lives."

Chang Hyun-guk, CEO of NEXUS Co., Ltd., stated, "The competitiveness of stablecoins comes from actual use cases and distribution networks rather than issuance itself," adding, "By combining Fasset's global payment and settlement infrastructure with ONE store, we will complete our global AI blockchain gaming platform on the payment front as well."