BDACS CEO Harry Ryoo: “The Stablecoin Ecosystem Cannot Scale on Banks Alone”

“It’s disappointing to see regulators favoring traditional banks and Big Tech over the Web3 pioneers who have heavily invested in this space. But we aren’t discouraged. We will scale our capabilities to compete and prove BDACS’s vision.”

Harry Ryoo, CEO of BDACS, made this remark regarding the South Korean government’s move to grant stablecoin issuance qualifications primarily to bank-led consortiums. BDACS is an institutional-grade digital asset custody provider that officially verified the issuance of ‘KRW1’, a fully fiat-backed KRW stablecoin, last year.

Regarding the National Assembly’s move to restrict issuance to traditional banks, Ryoo noted, “Regulation is always a balancing act between innovation and stability. Since stablecoins are deeply tied to currency, payments, and foreign exchange, it is no surprise that regulators expect banks to play a major role.” He added, however, “The reality is, this industry cannot scale rapidly and flexibly if it relies solely on banks.”

KRW1, developed by BDACS, is a fully fiat-backed KRW stablecoin. It maintains a 1:1 reserve ratio, with issued tokens fully collateralized by fiat assets held securely in major domestic commercial banks.

Below is the full Q&A with CEO Harry Ryoo.

Q: What inspired your transition from a partner at a law firm to founding a digital asset startup?

Observing regulatory shifts across various industries, I realized that digital assets and blockchain were not passing trends, but a paradigm shift transforming global financial infrastructure. Leveraging my legal background, I wanted to build the essential infrastructure needed as the market integrates into traditional finance (TradFi). I concluded that “custody” was the foundational missing piece, which led to the creation of BDACS.

Q: How would you explain digital asset custody in simple terms?

Think of custody as a bank for digital assets. Just as you entrust valuables to a secure vault, we safely store and manage digital assets. Beyond storage, we manage access controls, transaction protocols, and rigorous risk management systems to prevent any security breaches.

Q: BDACS has established partnerships with various domestic and global companies. What is your overarching blueprint?

We approach partnerships with one critical question: “Can we actually build together?” From day one, BDACS has targeted the institutional market, prioritizing security, compliance, and operational resilience. Global players need trustworthy partners in Korea, while domestic institutions need firms that can bridge them to global Web3 networks. BDACS’s ability to create that intersection is the driving force behind our strategic partnerships with leaders like Woori Bank, Galaxy Digital, Circle, and Ripple.

Our goal is to expand beyond simple custody into a comprehensive digital asset infrastructure for institutions. The blueprint has three phases: First, secure custody; Second, practical trading and asset management infrastructure; Third, real-world utility like payments, tokenization, and cross-border transfers. Only when these three pillars connect will digital assets transition from mere “investments” to true “financial infrastructure.”

Q: How do you view the financial sector’s recent race for infrastructure dominance?

It’s a natural progression. Stablecoins are not just about issuing a token; it’s a complex infrastructure race encompassing reserve management, settlement, compliance, and auditing. The winner won’t just be the fastest, but the one who builds the most stable and regulatory-friendly structure. We believe the most realistic model is a collaborative ecosystem where banks, custody providers, and Web3 payment operators each play specialized roles.

Q: Regulators intend to grant stablecoin issuance rights primarily to bank-led consortiums. What is your take?

The ecosystem cannot scale with banks alone. While banks provide underlying trust, building this requires technical execution, custody, on-chain integration, and global network expansion. An open consortium—where traditional banks provide stability while Web3 tech firms and platform operators drive innovation—is the most viable model for Korea.

Q: What are the future vision and goals of BDACS?

BDACS aims to grow into the leading institutional digital asset infrastructure company in the APAC region. As this market enters the institutional fold, the demand for trust, security, and global connectivity will skyrocket. We are building that very foundation.

Ultimately, our goal is to establish a standard where “digital assets are as safe and seamless to use as traditional finance.” By building an infrastructure that spans custody, tokenization, and global connectivity, we want to help transform Korea from a consumer of digital finance into a global leader.