BDACS and Rain Forge Partnership to Enable KRW1 Payments via Visa Networks

BDACS, a digital asset infrastructure company, announced on the 15th that it has entered into a partnership with payment infrastructure firm Rain to connect the Korean won stablecoin 'KRW1' to the global Visa card network.

This collaboration enables Rain card users to instantly pay using KRW1 at Visa merchant locations. BDACS is responsible for issuing and custody of the regulated, collateralized KRW1 stablecoin, while Rain manages the issuance and global payment infrastructure for merchants and settlements via Visa cards.

Cardholders can make payments in the same way as before without requiring pre-loading funds, manual currency conversion, or transferring to other stablecoins. Rain handles on-chain settlement with card networks behind the scenes.

The partnership expands BDACS' business into global payment services. Through integration with Rain's card infrastructure, BDACS plans to operate card programs across Asia-Pacific, North America, and Europe, aiming to increase KRW1 usage in areas such as overseas travel, education, global settlements, corporate travel, and expenses.

However, due to ongoing regulatory developments regarding foreign exchange reporting and taxation for stablecoin-based card payments abroad, BDACS plans to gradually expand its collaboration with Rain in line with evolving regulations like the Foreign Exchange Transactions Act.

BDACS CEO Ryu Hong-yeol stated that the meeting of KRW1 infrastructure with Rain's payment network marks a step toward on-chain finance becoming integrated into daily life as Korean won internationalization begins to take shape.

Rain CEO Farook Malik added that all markets are seeking ways to extend their national currency's influence globally through financial infrastructure, and KRW1 helps the Korean won move freely like other global currencies. BDACS will leverage Rain's infrastructure to secure practical utility for KRW1.