Galaxy·Bidax·SuhoIO join hands to expand the Korean won stablecoin ecosystem

Domestic digital asset custody firm Bidax announced on the 4th that it has signed a memorandum of understanding (MOU) with Galaxy Digital and SuhoIO to expand digital asset infrastructure and the Korean won stablecoin ecosystem.

Through this agreement, the three companies plan to combine each firm's areas of expertise — global financial services, institutional-grade custody, and blockchain-based payment and clearing infrastructure — to promote digital financial innovation and expand growth opportunities in the Korean and global markets.

First, Bidax will handle digital asset custody services in this cooperation and support the development of use cases such as remittances and currency exchange using the Korean won stablecoin 'KRW1'. SuhoIO, based on its experience participating in the Bank of Korea's central bank digital currency (CBDC) Han River Project, will proceed with proof-of-concept (POC) related to the Korean won stablecoin and build an institution-only foreign exchange settlement network. Galaxy will provide over-the-counter (OTC) services within clearing and payment infrastructure based on its digital asset management technology and experience, and will strengthen the stablecoin on/off-ramp infrastructure.

John Cahill, head of Galaxy Digital Asia Pacific (APAC), said, "Galaxy is pleased to support the growth of Korea's digital asset ecosystem," adding, "This cooperation is meaningful because it allows us to apply our experience and capabilities in building scalable networks that comply with regulations."