BDACS to Integrate KRW1 Stablecoin with Visa's Global Payment Network

BDACS has announced plans to integrate its Korean won stablecoin, KRW1, with Visa's global payment network, allowing it to be used at over 200 countries and more than 175 million Visa merchant locations. BDACS will handle the issuance and custody of KRW1, while Rain will manage Visa card issuance and global merchant payment and settlement infrastructure, according to a report by Electronics News. Once implemented, Rain Card users will be able to pay directly with KRW1 without pre-loading or currency conversion.

BDACS plans to expand KRW1's use cases for overseas consumption by domestic users for travel and education, content creator settlements, and international business expenses for domestic companies. However, as foreign exchange reporting and tax frameworks for stablecoin payments are still undefined, BDACS will gradually expand its partnership scope in line with regulatory improvements under the Foreign Exchange Transaction Act, per News1.