Popular South Korean digital asset custodian BDACS has officially rolled out the first won-backed stablecoin on Avalanche. According to the blockchain, this digital asset, dubbed KRW1, is fully collateralized with Korean won deposits held at Woori Bank. It is worth noting that the stablecoin is yet to be fully circulated.
BDACS Targets Global Stage with KRW1 Stablecoin
In the post, Avalanche clearly stated that “Every KRW1 is backed 1:1 with won held in escrow at Woori Bank,” which ranks amongst the top financial institutions in South Korea.
In a press release, BDACS noted that this launch follows the successful completion of the stablecoin’s full Proof of Concept (PoC). This phase was conducted to ascertain the technical viability of KRW1. BDACS is keen on leveraging Woori Bank’s real-time banking API integration. The custodian is confident in its capacity to promote transparency and offer verifiable Proof-of-Reserve (PoR).
“The launch extends far beyond token i
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