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Cross-chain infrastructure provider Squid has joined the Open Blockchain AI Association (OBDIA), a move that signals a more direct push into South Korea’s increasingly institutionalized digital asset market as local banks and financial infrastructure providers step up work on stablecoin and tokenization frameworks.
Squid said Tuesday UTC that it has become a member company of OBDIA and will expand cooperation with domestic banks, brokerages, and stablecoin consortia while contributing its cross-chain expertise to the association’s ongoing discussions on standardization and governance. The development matters because OBDIA has emerged as one of Korea’s most influential industry coordination bodies for regulated digital assets—particularly around won-denominated stablecoins—where interoperability standards could shape eventual market structure.
Founded as a non-profit organization authorized in 2018 by South Korea’s Ministry of Science and ICT, OBDIA counts major financial institutions among its members. Its chair organization is Shinhan Bank, and participants include 13 domestic commercial banks, the Korea Financial Telecommunications & Clearings Institute, and Koscom, among other key financial market infrastructure entities. The association has served as a central forum for debating core issues such as stablecoin issuance and distribution models, technical standards, and financial governance for what Korea refers to as the “institutional” digital asset sector.
Squid, launched in 2023, positions itself as a global cross-chain project that has processed more than $6 billion in cumulative cross-chain transaction volume. The network supports asset movement and swaps across more than 100 blockchains—including Ethereum (ETH), Solana (SOL), and the XRP Ledger—through a single transaction flow, while aggregating liquidity from roughly 150 decentralized exchanges to optimize routing. The company says it has surpassed 1 million cumulative users and that around 1,000 businesses globally have integrated its infrastructure into their products.
Momentum from Squid’s recent token sale is also feeding into its expansion narrative. The company said demand for its $QUID public sale reached roughly $26.66 million in applications within 72 hours—about 11.9 times the hard cap—reinforcing what it characterized as strong market appetite for cross-chain infrastructure exposure. Squid said it plans to use that traction to enter the “next phase” of ecosystem growth built on its interoperability stack, while preparing a new consumer-facing service designed to make digital asset access and management more straightforward.
The OBDIA membership follows Squid’s earlier collaboration tied to Ripple’s RLUSD, which the company has framed as a template for building regulated stablecoin interoperability. In May 2026, Squid launched a payments and interoperability infrastructure service for RLUSD, Ripple’s compliance-oriented dollar stablecoin. Squid appears to be applying lessons from that rollout to Korea, where policy direction and private-sector consortia are both converging on stablecoin feasibility and operational design.
In a recent interview with Korean media, Squid co-founder Fig said the company intends to extend its cross-chain infrastructure to won stablecoins once the relevant regulatory framework is in place, adding that the same rails could support tokenized assets issued in Korea. The remarks underscore a broader bet that future institutional demand will center not only on blockchain-to-blockchain bridges, but also on unified pathways connecting fiat, stablecoins, and tokenized real-world assets (RWA) across multiple networks and issuers.
Squid has already begun translating its Korea strategy into partnerships. The company recently announced cooperation with AhnLab Blockchain Company (ABC) and D’CENT, a hardware wallet developed by IoTrust. It also said it is engaging on cross-chain initiatives linked to domestic financial institutions’ efforts in RWA tokenization and stablecoin infrastructure—areas where interoperability, compliance controls, and operational governance are expected to be decisive factors for adoption.
By joining OBDIA, Squid is positioning itself closer to the center of bank-led consortium discussions that are gaining pace in Korea. Market participants expect that as standards mature—covering issuance models, reserve management, settlement flows, and network connectivity—interoperability infrastructure will become a key layer for enabling movement between different stablecoins and between regulated tokenized assets across heterogeneous blockchain environments.
Squid said it will work with OBDIA member organizations to define use cases suited to Korea’s financial market and to help build connective rails for the country’s institutional digital asset ecosystem. As Korea’s stablecoin and tokenization frameworks become more concrete, the ability to link distinct financial institutions and blockchain networks in a compliant, scalable way is likely to grow in strategic importance.
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Cross-chain infrastructure provider Squid has joined the Open Blockchain AI Association (OBDIA), a move that signals a more direct push into South Korea’s increasingly institutionalized digital asset market as local banks and financial infrastructure providers step up work on stablecoin and tokenization frameworks.
\n\nSquid said Tuesday UTC that it has become a member company of OBDIA and will expand cooperation with domestic banks, brokerages, and stablecoin consortia while contributing its cross-chain expertise to the association’s ongoing discussions on standardization and governance. The development matters because OBDIA has emerged as one of Korea’s most influential industry coordination bodies for regulated digital assets—particularly around won-denominated stablecoins—where interoperability standards could shape eventual market structure.
\n\nFounded as a non-profit organization authorized in 2018 by South Korea’s Ministry of Science and ICT, OBDIA counts major financial institutions among its members. Its chair organization is Shinhan Bank, and participants include 13 domestic commercial banks, the Korea Financial Telecommunications & Clearings Institute, and Koscom, among other key financial market infrastructure entities. The association has served as a central forum for debating core issues such as stablecoin issuance and distribution models, technical standards, and financial governance for what Korea refers to as the “institutional” digital asset sector.
\n\nSquid, launched in 2023, positions itself as a global cross-chain project that has processed more than $6 billion in cumulative cross-chain transaction volume. The network supports asset movement and swaps across more than 100 blockchains—including Ethereum (ETH), Solana (SOL), and the XRP Ledger—through a single transaction flow, while aggregating liquidity from roughly 150 decentralized exchanges to optimize routing. The company says it has surpassed 1 million cumulative users and that around 1,000 businesses globally have integrated its infrastructure into their products.
\n\nMomentum from Squid’s recent token sale is also feeding into its expansion narrative. The company said demand for its $QUID public sale reached roughly $26.66 million in applications within 72 hours—about 11.9 times the hard cap—reinforcing what it characterized as strong market appetite for cross-chain infrastructure exposure. Squid said it plans to use that traction to enter the “next phase” of ecosystem growth built on its interoperability stack, while preparing a new consumer-facing service designed to make digital asset access and management more straightforward.
\n\nThe OBDIA membership follows Squid’s earlier collaboration tied to Ripple’s RLUSD, which the company has framed as a template for building regulated stablecoin interoperability. In May 2026, Squid launched a payments and interoperability infrastructure service for RLUSD, Ripple’s compliance-oriented dollar stablecoin. Squid appears to be applying lessons from that rollout to Korea, where policy direction and private-sector consortia are both converging on stablecoin feasibility and operational design.
\n\nIn a recent interview with Korean media, Squid co-founder Fig said the company intends to extend its cross-chain infrastructure to won stablecoins once the relevant regulatory framework is in place, adding that the same rails could support tokenized assets issued in Korea. The remarks underscore a broader bet that future institutional demand will center not only on blockchain-to-blockchain bridges, but also on unified pathways connecting fiat, stablecoins, and tokenized real-world assets (RWA) across multiple networks and issuers.
\n\nSquid has already begun translating its Korea strategy into partnerships. The company recently announced cooperation with AhnLab Blockchain Company (ABC) and D’CENT, a hardware wallet developed by IoTrust. It also said it is engaging on cross-chain initiatives linked to domestic financial institutions’ efforts in RWA tokenization and stablecoin infrastructure—areas where interoperability, compliance controls, and operational governance are expected to be decisive factors for adoption.
\n\nBy joining OBDIA, Squid is positioning itself closer to the center of bank-led consortium discussions that are gaining pace in Korea. Market participants expect that as standards mature—covering issuance models, reserve management, settlement flows, and network connectivity—interoperability infrastructure will become a key layer for enabling movement between different stablecoins and between regulated tokenized assets across heterogeneous blockchain environments.
\n\nSquid said it will work with OBDIA member organizations to define use cases suited to Korea’s financial market and to help build connective rails for the country’s institutional digital asset ecosystem. As Korea’s stablecoin and tokenization frameworks become more concrete, the ability to link distinct financial institutions and blockchain networks in a compliant, scalable way is likely to grow in strategic importance.
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