Fasset and NEXUS Sign Stablecoin MoU, Weigh Joint Payments Pilot
The two firms will study dirham- and won-linked stablecoin infrastructure, run a payments proof-of-concept and convene a quarterly task force.
Nadia Mansour Nadia Mansour covers fintech across the UAE and MENA for Anecdoted -- digital banking, payments licences and the startups building around them. nadia@anecdoted.com
Fasset and NEXUS have signed a memorandum of understanding to explore financial infrastructure built on stablecoins, with the initial focus on tokens tied to the UAE dirham and the Korean won.
Henry Chang, chief executive of NEXUS, signed the agreement with Fasset FZE at Korea Blockchain Week 2026 in Seoul on 30 September. NEXUS is listed on KOSDAQ.
Three areas of cooperation
The two companies will review three lines of work: integrating payment infrastructure, settling transactions in stablecoins, and creating digital financial products sold under both brands.
Under the payments heading, they plan a joint proof-of-concept that connects NEXUS payment infrastructure with Fasset system for converting fiat currency into digital assets and back again. A proof-of-concept is an early build used to test whether a design holds up before either side commits to a commercial rollout.
A joint task force will take on the stablecoin work. The group will meet every quarter and set the direction of the pair efforts on infrastructure for dirham- and won-linked tokens. The memorandum does not commit either company to a product, and the announcement carried no financial terms or timetable.
What the two chief executives said
Mohammad Raafi Hossain, chief executive of Fasset, framed the agreement as a move toward any-to-any banking, in which payments, settlement and separate financial rails are joined so that value can cross markets.
Chang said the partnership links Fasset global payment and settlement infrastructure to the ONE ecosystem, and that the two companies would widen the payment base for international expansion.
Fasset licence, funding and base
Fasset is headquartered in Dubai and runs a digital finance platform built around stablecoins. It obtained a virtual asset service provider licence from Dubai Virtual Assets Regulatory Authority in 2023.
In August the company raised a US$68 million Series C led by SBI Group at a US$1 billion valuation.
NEXUS and the ONE ecosystem
NEXUS is building infrastructure that links the distribution, payment and settlement of games and digital content through ONE. It made the app marketplace ONE Store a subsidiary in June, and is now extending payment infrastructure that had been fiat-based into stablecoins.
Stablecoins are designed to hold a steady value against a reference asset, which makes them useful for transfers where the sender and the recipient want to avoid exposure to a volatile token. The currency legs matter here: a token tied to the dirham or the won would let participants settle in a unit they already use, rather than converting through a third currency first.
The payments proof-of-concept and the quarterly stablecoin task force will run alongside that shift at NEXUS, with the direction of the work set by the joint group rather than by either company alone.
