Dubai-based Fasset has signed a memorandum of understanding with South Korean firm NEXUS to explore stablecoin-based financial infrastructure linking the UAE dirham and the Korean won, a move that could open new payment rails between the two markets.
The MoU was signed at Korea Blockchain Week 2026 in Seoul on 30 September, with NEXUS CEO Henry Chang signing on behalf of his company and Fasset FZE representing the Dubai side.
What the partnership covers
Under the agreement, the two companies will review integration of payment infrastructure, stablecoin settlement, and the development of co-branded digital financial products. They also plan to run a joint proof-of-concept that links NEXUS's payment infrastructure with Fasset's fiat-to-digital asset conversion system.
To keep the work moving, the companies are setting up a joint task force that will meet quarterly to direct efforts on AED- and KRW-linked stablecoin infrastructure.
A Fasset representative described the ambition behind the deal: "This partnership is about bringing any-to-any banking closer to reality: connecting payments, settlement and different financial rails so value can move more seamlessly across markets."
A NEXUS representative framed the tie-up in terms of its own ecosystem: "This partnership connects Fasset's global payment and settlement infrastructure to the ONE ecosystem. Together we will broaden the payment foundation for global expansion."
Why Dubai and the UAE dirham matter here
Fasset is headquartered in Dubai and runs a stablecoin-based digital finance platform. It holds a virtual asset service provider licence from Dubai's Virtual Assets Regulatory Authority, obtained in 2023, which underpins its ability to operate in the digital asset space from the emirate.
The company has also recently strengthened its financial position, raising US$68 million in a Series C round led by SBI Group in August at a US$1 billion valuation. That funding and the VARA licence give Fasset a regulated base in Dubai from which to pursue cross-border stablecoin infrastructure projects like this one.
NEXUS and the ONE ecosystem
On the other side of the deal, NEXUS is building infrastructure that links distribution, payment and settlement for games and digital content through its ONE ecosystem. The company made ONE Store a subsidiary in June, and is now extending its fiat-based payment infrastructure to cover stablecoins as well.
For NEXUS, the partnership offers a route to broaden its payment foundation beyond its existing fiat rails and into stablecoin settlement, potentially supporting its wider digital content business as it expands internationally.
What happens next
No product launch or commercial rollout has been announced. The MoU sets out a framework for exploration: infrastructure reviews, a proof-of-concept pairing NEXUS's payment system with Fasset's conversion technology, and quarterly task force meetings to steer the AED-KRW stablecoin work forward. Any further steps, including the scope or timing of a pilot, will depend on the outcomes of that joint work.
