Dunamu explores GIWA stablecoin payments with MoonPay

Dunamu is the counterparty named in MoonPay's October 20, 2026 release, and GIWA's public docs still do not offer a mainnet. The wire, datelined New York at 19:00 ET, says MoonPay is pursuing a strategic collaboration on stablecoin payments, corporate treasury and access to the GIWA ecosystem. GIWA's connect page, read on October 21, still says the mainnet is under development. The only network it documents is GIWA Sepolia, chain ID 91342, and the page says that testnet does not use real assets.

That split is the story. The release talks about global access to GIWA services and digital assets. The same docs describe a Sepolia Ethereum Layer 2 (L2) running on test Ethereum (ETH), and they say the public endpoint is not suitable for production. The Block's October 21 headline called Dunamu Upbit's parent and kept the verb at explore. Bloomingbit, which dated the note October 21, called it a strategic partnership. MoonPay's wire does not. It says collaboration.

What the October 20 release actually says

The PR Newswire copy is supplied by MoonPay. There is no Dunamu source line. It sets out three workstreams: stablecoins in cross-border payments and fund transfers; digital-asset infrastructure for corporate finance and treasury; and wider access to GIWA-based services by linking MoonPay's network to Dunamu's chain. The companies "aim to increase overseas market access" for services and assets inside the GIWA ecosystem. The note names no stablecoin, no fee, no jurisdiction for the new activity, no launch date and no signed commercial agreement. MoonPay and Dunamu "plan to firm up the technical and commercial potential" and to keep looking for opportunities. That is a study, not a rail with a go-live.

"For stablecoins to function as global financial infrastructure, it is important to have the technology and network to support not only cross-border payments and fund transfers, but also the real financial operations of businesses," said Bugeon Lee, head of APAC at MoonPay.

Lee is the only person quoted. The GIWA site's legal footer names Dunamu Inc. and representative Oh Kyung-seok (오경석). He is not in the release, and neither is any Upbit product lead. The word Upbit does not appear in the wire.

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What GIWA's own pages still show

GIWA's site calls the chain an open L2 on the open-source OP Stack, compatible with existing Ethereum apps and tools, and tied to Upbit's users and liquidity. It says Upbit built the chain for institutions and developers. The ecosystem block is marked "Coming Soon". The copyright line is Dunamu Inc. The connect page is blunter. Mainnet: under development. The GIWA wallet: under development. Testnet gas is test ETH, not a stablecoin, and ETH is the only currency symbol in the network table. The public endpoint, sepolia-rpc.giwa.io, is rate-limited, and the docs say it is not suitable for production. Lee's line about "the real financial operations of businesses" has no production chain to land on until that page changes.

Rails that are further along already publish a mechanism. Interactive Brokers' stablecoin rail named the coins on it. Partior's proof of concept settled stablecoins against tokenised deposits. HiFi's raise was aimed at repo and card rails. Dunamu and MoonPay have not said which of those jobs, if any, this review is meant to do.

Who the note leaves out

No stablecoin issuer is named, so Circle, Tether and PayPal have nothing in the release to confirm or deny. No L2 operator is named as a party, even though GIWA presents the chain as OP Stack software. The release does not say Upbit will list a token, change a market or custody a coin. Dunamu has not, on this wire, said it wants the work.

MoonPay's boilerplate in the same release says the firm was founded in 2019, serves more than 35 million customers in 180 countries and more than 1,500 enterprise clients, and holds regulatory licences in the United States and the European Union. Those are MoonPay's figures, not GIWA volume, and the release does not put any of those clients on a Dunamu product.

The companies said they plan to firm up the technical and commercial potential of the three workstreams. Three public marks would turn that study into a product: a stablecoin named by Dunamu or MoonPay, a GIWA docs line that replaces "mainnet under development", and a Dunamu statement with a named executive. Until those appear, the October 20 release is a conversation about a chain whose public network still runs on test ETH.

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