Bdex, Chungoos to build stablecoin-to-won settlement infrastructure for exporters

Bdex announced Thursday it is partnering with DevAll Company, the operator of Chungoos, a B2B billing and collections automation service, to build a cross-border payment and settlement infrastructure using stablecoins.

The core of the collaboration is the joint development of a B2B payment infrastructure that allows export companies to receive payments from overseas buyers in stablecoins such as USDT and USDC and then settle the proceeds in won. The service the two companies envision would connect billing, payment and settlement into a single seamless process.

Under the arrangement, Bdex will handle stablecoin custody while Chungoos manages invoice issuance, payment confirmation and matching, and documentation such as electronic tax invoices. In practice, an exporting company sends an invoice to its overseas counterpart through Chungoos, the foreign buyer pays in stablecoins, and Bdex handles custody and settlement of the assets. The plan is to allow companies to receive export proceeds without holding digital assets directly.

The goal is to reduce fees and settlement times compared with conventional international wire transfers and to manage payment flows more transparently. Specific cost savings and the scope of application will be confirmed through pilot testing. The two companies plan to gradually expand the pilot using actual transactions by domestic firms.

The companies are also considering incorporating KRW1, a won-denominated stablecoin issued by Bdex. The idea is to link stablecoins received from abroad with a won-based digital asset to create a structure covering the full chain from cross-border value transfer to domestic settlement.

The partnership will also pursue integrating stablecoin payment data with corporate enterprise resource planning systems to automate accounting. The aim is to have transaction records reflected in a company's accounting system automatically after export proceeds are received in stablecoins, with no manual data entry required.

However, foreign exchange reporting and taxation related to receiving trade payments in stablecoins will be applied in line with the progress of relevant regulatory reforms.

"Starting from a single invoice, we will create cases where export companies become the first beneficiaries of change — through a structure where payments are received in stablecoins and settled in won," said Ryu Hong-yeol, CEO of Bdex.

Lee Jang-gyu, CEO of DevAll Company, said the next challenge for Chungoos — which has automated the recovery of domestic receivables — is cross-border export payments. "We will work with Bdex to build payment infrastructure so that exporting companies can receive overseas payments faster, at lower cost and safely in won," he said.

Meanwhile, Bdex recently signed MOUs with digital asset payment solutions firm Zekto and LK Ventures, the operator of self-photo booth brand "Insaengne-cut," to enable payments using KRW1 at self-photo booths.