Galaxy Digital Inc. (“Galaxy”) (NASDAQ: GLXY), BDACS, Inc. (“BDACS”), and SOOHO.IO, Inc. (“SOOHO.IO”) have signed a memorandum of understanding (MOU) to jointly develop digital-asset infrastructure and expand the ecosystem for Korean-won-based stablecoins. Through this partnership, the three companies will combine their respective expertise in global financial services, institutional-grade custody, and blockchain-based payment and settlement infrastructure to accelerate digital-finance innovation and unlock new growth opportunities in Korea and abroad.

Strategic Collaboration for a Regulated Digital-Finance Ecosystem

The MOU establishes a framework for collaboration on initiatives that strengthen Korea’s digital-asset foundation amid evolving regulation—such as the forthcoming Phase 2 of the Virtual Asset Basic Act and proposed Digital Asset Innovation Act. The three firms will build dedicated infrastructure, advance joint pilot projects, and conduct proof-of-concept (PoC) programs aimed at developing a Korean-won stablecoin ecosystem that supports sustainable growth across the digital-finance sector.

Roles and Contributions

BDACS will provide comprehensive digital-asset custody services, supporting use-case development for KRW1, Korea’s first Korean-won-denominated stablecoin. BDACS will help design and execute pilot projects related to cross-border remittance, FX conversion, and on/off-ramp integration, ensuring efficient and compliant operations.

SOOHO.IO, leveraging its experience in multiple blockchain infrastructures and participation in the Bank of Korea’s “Project Han-River” CBDC pilot, will collaborate on pilot programs and PoCs to create real-world use cases for KRW stablecoins. Through these efforts, SOOHO.IO aims to accelerate the development of an institutional-grade FX settlement infrastructure for stablecoins. The company will also connect Korean corporate clients to Digital Asset Treasury (DAT)¹ and blockchain payment infrastructure, bridging traditional finance with tokenized assets.

Galaxy will contribute its deep expertise in digital-asset markets. Within the clearing and settlement infrastructure, Galaxy will offer OTC services to enhance market scalability and promote innovation through on- and off-ramp stablecoin solutions connecting traditional and digital-asset markets. This is in addition to BDACS previously selecting GK8, a Galaxy company and institutional digital-asset custody platform, as its custody-technology provider. Through GK8’s Impenetrable Custody architecture, BDACS will deliver secure, compliant, and scalable custody services to Korean institutions.

Executive Comments

“This agreement marks an important milestone in laying the groundwork for the next era of digital finance,” said Jisu Park, CEO of SOOHO.IO. “We are proud to collaborate with leading global partners to establish institutional-grade clearing and settlement infrastructure that can power stablecoin-driven financial innovation.”

“Galaxy is proud to support the growth of Korea’s digital-asset ecosystem by sharing our global experience and connecting regional initiatives with international opportunities,” said John Cahill, Chief Operating Officer and Head of APAC at Galaxy. “Through our work with leading stablecoin issuers and infrastructure partners, we’ve developed a deep understanding of how to build secure, compliant, and scalable networks—and we look forward to bringing that expertise to this collaboration.”

“As a trusted custody and infrastructure partner serving corporations, institutions, and public-sector clients, BDACS expects this three-party collaboration to drive meaningful progress in corporate-custody services and in developing new KRW1 use cases,” said Hong-Yeol Ryu, CEO of BDACS.

Building a KRW Stablecoin Ecosystem

Recently, BDACS officially announced KRW1, a Korean-won-backed stablecoin designed to promote a transparent, regulation-aligned digital-asset infrastructure. KRW1 is fully collateralized on a 1:1 basis with deposits and is intended to evolve into an open stablecoin network accessible to financial institutions, fintechs, and exchanges. Through this MOU, the integration of Galaxy’s and SOOHO.IO’s infrastructures with BDACS’s stablecoin and payment network is expected to enhance the global utility and credibility of KRW1.

Future Outlook

The three companies will collaborate to establish a blockchain-based clearing and settlement system leveraging stablecoins, explore payment-efficiency solutions using KRW stablecoins, and expand cooperative networks with global financial institutions—ultimately linking Korea’s digital-asset industry with international financial markets. This partnership underscores a shared commitment to accelerating institutional digital-asset adoption and creating a stable, compliant, and interconnected financial ecosystem across Korea and Asia.

1. Digital Asset Treasury (DAT) refers to an expanded corporate-treasury framework that incorporates digital-asset liquidity management, staking, lending, DeFi operations, and risk-control mechanisms—extending the traditional treasury model into the Web3 era. ↩︎