Wemade, BDACS Sign MOU to Develop Standard Model for Stablecoin Payments

Wemade said April 21 that it signed a memorandum of understanding with digital-asset custody firm BDACS Co. to jointly develop a stablecoin payment model and pursue broader business cooperation.

The agreement is aimed at combining Wemade’s stablecoin financial network technology with BDACS’s regulatory-friendly custody infrastructure to build a domestic standard model for stablecoin payments that can be applied in real business settings.

The companies plan to cooperate on technology integration and business development. They intend to build a service foundation by linking StableNet, Wemade’s mainnet dedicated to won-denominated stablecoins, with BDACS’s corporate custody wallet.

StableNet is a network specialized for stablecoin issuance and operations. It is designed to allow fees to be paid in won-denominated stablecoins without a separate gas token, reducing accounting complexity. It also supports financial compliance requirements such as know-your-customer and anti-money laundering controls at the infrastructure level. The network is built to protect financial data, including transaction records, while still meeting audit requirements from regulators and tax authorities.

BDACS offers an institutional-grade custody environment based on its virtual asset service provider, or VASP, qualification, Information Security Management System, or ISMS, certification, and global security certification SOC 1 Type 2. The company also plans to support an asset insurance framework, institutional-grade data analytics, and links to money market fund, or MMF, tokens that comply with relevant regulations to improve service stability and completeness.

The two companies also agreed to jointly design a reserve management model and a short-term operating structure for custodied assets. They will work together to identify proof-of-concept, or PoC, cases for financial institutions and to form a stablecoin consortium. In future business initiatives, they plan to treat each other as preferred partners as they seek to expand in the domestic market.

“If BDACS’s regulatory-friendly custody infrastructure is combined with Wemade’s stablecoin network, it will create a practical stablecoin payment model that financial institutions can trust and use,” BDACS Chief Executive Officer Ryu Hong-yeol said. He added that the company would work with Wemade to help set the standard for South Korea’s stablecoin market.

Wemade Vice President Kim Seok-hwan said the agreement would mark an important step forward for South Korea’s stablecoin ecosystem by combining Wemade’s blockchain technology with BDACS’s institutional-grade custody capabilities. Through the partnership, the company plans to quickly bring a reliable stablecoin payment service to market.

Separately, Wemade unveiled the StableNet testnet on Jan. 30 and is allowing anyone to issue test tokens through its official website to experience the ecosystem.