The first KRW-pegged stablecoin KRW1 is officially launched! Issuer BDACS collaborates with Woori Bank and AVAX to create the stablecoin framework.

Recently, the South Korean digital asset custodian BDACS announced the official launch of the KRW1 stablecoin, which is pegged to the Korean won. It is understood that KRW1 will be fully collateralized by Korean won deposits held at Korea's Woori Bank, and KRW1 will be issued on Avalanche. Although South Korean President Yoon Suk-yeol has clearly supported stablecoins, a specific regulatory framework in the country has yet to be established. The issuance of KRW1 is limited to the PoC phase for technical verification to ensure there are no illegal activities, and the token has not yet been publicly circulated.

Digital asset custodian BDACS partners with Yuanta Bank and AVAX to issue the first Korean won stablecoin KRW1.

The issuer BDACS stated that it has been actively laying out the Korean won stablecoin since 2023 and has registered the KRW1 trademark. This time, they officially partnered with Woori Bank, and each issued KRW1 has corresponding assets stored in the bank, which can be verified in real-time through Woori Bank's API.

In terms of technology, KRW1 will be issued on the Avalanche blockchain first. BDACS states that Avalanche is a globally recognized high-performance network, acknowledged by the Korea Internet & Security Agency (KISA) for its reliability and security in public sector applications.

KRW1 aims to become the issuance framework for the Korean won stablecoin, widely used for remittances, payments, investments, and deposits.

KRW1 is positioned as a universal stablecoin for remittances, payments, investments, and deposits. The company is also preparing to deploy KRW1 in public sector applications, including low-cost payment and settlement systems for emergency relief expenditures, significantly reducing transaction costs. The company is actively establishing partnerships in the financial and technology sectors.

The goal is to make KRW1 not just a stablecoin, but also the issuance framework for stablecoins in South Korea's "Digital Asset Basic Law." However, as the regulatory framework for stablecoins has not yet been established, KRW1 is still in the technical verification stage and has not been publicly issued.

This article announces the official launch of the first KRW-pegged stablecoin KRW1! Issuer BDACS collaborates with Woori Bank and AVAX to create the stablecoin framework, first appearing in Chain News ABMedia.