Catenaa, Monday, September 22, 2025- South Korean crypto custody firm BDACS has launched KRW1, the country’s first won-pegged stablecoin, on the Avalanche blockchain.
The launch is currently at a proof-of-concept stage and not publicly circulated, as South Korea lacks a formal regulatory framework for stablecoins.
Each KRW1 is fully backed by won deposits held at Woori Bank, with real-time banking API integration providing transparent proof of reserves.
BDACS developed a full ecosystem for KRW1, including issuance, management systems, and a user-facing app for peer-to-peer transfers and transaction verification.
The firm envisions the stablecoin supporting remittances, payments, deposits, investments, and public-sector applications such as emergency relief disbursements.
Plans are underway to expand KRW1 to additional blockchains for interoperability. BDACS is also exploring collaborations with US dollar stablecoins such as USDT and USDC.
The company aims to position itself as a key player in South Korea’s emerging local stablecoin market, with institutional backing from Woori Bank and global blockchain partners.
South Korean policymakers, including President Lee Jae Myung, have expressed support for local stablecoins to strengthen monetary sovereignty, though the central bank maintains that issuance should be limited to licensed banks to prevent financial instability.
BDACS said its combination of institutional support and blockchain infrastructure gives it an edge over potential future entrants, including large tech firms.
