BDACS Launches KRW1 Stablecoin Backed by South Korean Won
Custody service provider BDACS has launched KRW1, a new stablecoin pegged 1:1 to the South Korean won (KRW). The regulated custodian focuses on institutional clients and offers services including crypto asset custody and transaction infrastructure supporting multiple blockchains.
The KRW1 project recently completed its proof-of-concept (PoC) phase, with the stablecoin launching on the Avalanche blockchain. Each KRW1 token is fully backed by fiat currency, with reserves held at Woori Bank, one of South Korea’s largest financial institutions.
Transparency and Platform Features
BDACS emphasizes full transparency: holders can monitor reserves in real time via banking API integration, although no dedicated portal is currently available. According to the press release,
The stablecoin is positioned for global use, with potential expansion through new network integrations and collaborations with dollar-pegged stablecoins like USDC and USDT. BDACS also plans to integrate KRW1 into government initiatives, though negotiations or official involvement have not been confirmed.
Current Status and Market Outlook
KRW1 remains in the concept stage and is not yet publicly traded or available to retail consumers, as South Korea currently lacks a stablecoin framework. However, the launch is reportedly supported by the country’s new president, Lee Je-moon.
In related news, Kakao is also reportedly considering a won-pegged stablecoin, highlighting growing interest in this emerging asset class.
Source: https://coinpaper.com/11089/bdacs-launches-krw-1-stablecoin-backed-by-the-won
