BDACS Demonstrates On-Chain FX Between KRW1 and USDC, Outlines Use Cases for Korean Won Stablecoins

BDACS co-hosted “Bridging Finance Onchain” with Circle, Kyobo Life Insurance, and SBI Holdings
BDACS: “KRW1 is not a replacement for existing payment networks, but infrastructure that opens up new uses for the Korean won”
Testnet demonstration of KRW1–USDC exchange shows the technical feasibility of on-chain FX settlement

BDACS, a digital asset infrastructure company, recently co-hosted “Bridging Finance Onchain”, a side event of Korea Blockchain Week (KBW) 2026, with Circle, Kyobo Life Insurance, and SBI Holdings.

The event brought together financial institutions and digital asset industry leaders from Korea and abroad to discuss the future of stablecoin-based financial infrastructure. During the event, Circle shared insights on the evolution of institutional finance, while Kyobo Life Insurance and Kyobo Securities presented strategies for responding to the on-chain transition from the perspective of traditional financial institutions. Startale Group introduced JPYSC, a trust-type Japanese yen stablecoin issued by SBI Trust Bank, along with the projects Startale is currently pursuing. BDACS outlined use cases for Korean won stablecoins and demonstrated an on-chain exchange between KRW1 and USDC in a testnet environment.

Delivering a keynote, Terry Kim, Co-founder and CSO of BDACS, said, “The significance of a Korean won stablecoin lies not in replacing Korea’s domestic payment networks, which already work well, but in opening up new areas that have been difficult to reach with existing infrastructure.” Terry Kim outlined use cases expected once the relevant regulatory framework is in place, including AI agent-based micropayments, delivery-versus-payment (DvP) settlement and collateralized transactions for tokenized securities, and improved access to Korean assets for global capital. “Without won-based on-chain infrastructure, this demand will inevitably remain with dollar stablecoins,” he added. “KRW1 is infrastructure that extends the trust of the Korean won on-chain, within Korea’s regulatory framework.”

As part of his presentation, Terry also demonstrated how KRW1 and USDC can be exchanged and settled online via Circle StableFX, a global institutional-grade software infrastructure that enables counterparties to execute stablecoin FX transactions and settle directly onchain.

The testnet demonstration walked through the transaction process, from request for quote (RFQ) and rate confirmation to wallet signing and onchain settlement. By showing how stablecoins denominated in different fiat currencies can be exchanged using blockchain-based infrastructure, BDACS highlighted the technical feasibility of onchain foreign exchange settlement and the potential for this infrastructure to support future cross-border payment and FX use cases.

The session was followed by a panel discussion titled “How Will On-Chain Finance Reshape Traditional Financial Infrastructure: Implications and Opportunities for Financial Institutions.” Panelists from traditional finance and the digital asset industry discussed the structural changes on-chain finance will bring to existing financial infrastructure and the opportunities financial institutions should pay attention to.

“This event brought together domestic and international financial institutions and global stablecoin companies to discuss practical ways to expand on-chain finance,” said Harry Ryoo, CEO of BDACS. “It was more than an event co-hosted by traditional financial institutions and digital asset companies — it confirmed the broader shift of digital assets converging with global financial infrastructure.”

Meanwhile, BDACS plans to roll out related services, including the issuance of KRW1, in phases in line with the development of Korea’s legal and regulatory framework for stablecoins.