South Korea launched the stablecoin KRW1 on Avalanche

South Korea has just witnessed a major advancement in the digital economy as BDACS collaborates with Woori Bank to launch KRW1, a stablecoin fully backed by the Korean won. The project is currently in the testing phase after successfully completing the Proof of Concept (PoC).

• Each KRW1 is backed 1:1 by the won held at Woori Bank, allowing real-time reserve verification through API, raising the standards of transparency and trust for the stablecoin.
• KRW1 not only targets the cryptocurrency market but can also be used as a low-cost payment system for public programs, such as distributing emergency relief.
• Avalanche provides performance, security, and scalability, connecting banks, institutions, and users, helping BDACS shape the future of South Korea's digital economy.