Rain adds support for the Korean won

Rain is adding support for KRW1, the world’s first Korean won stablecoin, issued by BDACS.

Through the partnership, businesses will be able to use KRW1 to power won-denominated stablecoin card programs that work anywhere Visa is accepted.

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A new path for the Korean won

For most of its history, the won has been largely a domestic currency. Korea has spent years working to internationalize it.

KRW1 creates a new path. It brings the won onchain, while Rain connects it to the global Visa network.

Cardholders will be able to spend from KRW1-backed balances at more than 175 million Visa merchant locations worldwide. Merchants will see a standard Visa transaction and get paid as they normally would, while Rain handles settlement with Visa in the background.

This creates a new way to build won-denominated card products, including cards for travelers and students abroad, corporate travel and expense programs, and cards tied to KRW1 balances used for creator and contractor payouts.

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Built on Rain’s global card infrastructure

Stablecoin card programs using KRW1 will run on the same infrastructure as Rain’s 130+ live programs.

That means the same capital efficiency from daily settlement, with acceptance at 175M+ Visa merchant locations worldwide.

BDACS issues and custodies KRW1, which is fully backed by won reserves held at Woori Bank. Rain provides the card issuance, program management, and settlement infrastructure.

Together, the infrastructure gives businesses a new, more efficient way to build won-denominated card products for users around the world.

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Build with KRW1

Interested in building a won-denominated card program with KRW1?

Talk to our team →

Read the full press release→