BDACS launched the KRW1 stablecoin pegged to the South Korean won

The regulated custodian service provider BDACS introduced a new stablecoin KRW1, backed by the South Korean won. The product is aimed at institutional clients and is launched on the Avalanche blockchain, according to the company’s press release.

Each unit of KRW1 is fully backed by fiat at a 1:1 ratio. The monetary reserves are held in one of South Korea’s largest banks — Woori Bank. The company stated that holders will be able to track the status of the reserves in real-time through integration with the bank’s API, although at the time of publication, a separate public portal for this has not yet been created.

The developers emphasized that the launch of KRW1 goes beyond simple token issuance. BDACS has prepared an entire ecosystem, including an asset issuance and management platform, as well as a user application supporting P2P transfers and transaction verification.

The company positions KRW1 as a global project and is considering its expansion through integration with other blockchains and partnerships with issuers of dollar stablecoins USDC and USDT.