Digital asset infrastructure company BDACS said on Monday it signed an MOU with digital asset payments firm ZEKTO and LK Ventures, operator of \"Life Four Cuts\", to introduce a won stablecoin payment system. The deal aims to pilot BDACS-issued won stablecoin KRW1 by integrating it directly into offline retail payment and settlement systems. Consumers will be able to experience KRW1-based payments at photo booth sites.

South Korea\'s finance and fintech sectors are stepping up competition to pre-empt the stablecoin market even as legislation remains stalled in parliament. Banks are moving to secure issuance rights through consortia and technology partners, while fintech firms and exchanges focus on controlling mainnets and payment networks. Global players are also positioning in networks and settlement infrastructure. The article says the battle for won and dollar stablecoin leadership is already under way.