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South Korean Custodian BDACS Launches First Fiat-Backed Won Stablecoin on AVAX

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BDACS, a South Korean digital asset custodian, has formally launched the primary Korean received–backed stablecoin on the Avalanche blockchain. Dubbed KRW1, the stablecoin is totally collateralized with Korean received deposits held at Woori Bank, AVAX reported on Thursday.

“Every KRW1 is backed 1:1 with received held in escrow at Woori Bank,” wrote Avalanche on X.

The stablecoin launch follows the profitable completion of a full proof of idea (PoC) that validates its technical viability.

“Currently in a pilot part following a full PoC, KRW1 marks an essential step towards regulated, bank-integrated digital cash in Korea.”

Avalanche Gets Strong Asian Narrative

Avalanche connects with banks, customers and establishments, enabling BDACS “to form the long run” of Korea’s digital economic system with the stablecoin launch, the blockchain famous.

“Avalanche offers the efficiency, safety, and scale to carry it to life,” it added.

Avalanche’s Asian footprint comes per week after the muse announced plans to establish two AVAX reserve firms within the US.

Further, Avalanche is considered one of BDACS’s core international companions, underscoring the agency’s dedication to scalable, institutional-grade blockchain infrastructure.

“The Avalanche know-how and its rising ecosystem of real-world property will help BDACS and Woori Bank to ship a trusted, progressive resolution for Korea’s digital economic system,” Justin Kim, Head of Asia at Ava Labs, stated in an official release.

BDACS accomplished a trademark registration for its proprietary received stablecoin KRW1 in December 2023.

BDACS Develops Comprehensive Framework for KRW1 Issuance

Per Avalanche publish, BDACS is planning to utilise KRW1 as a “low-cost fee and settlement system” for public-sector applications.

This would considerably decrease the fee processing charges, making KRW1 a technical customary for stablecoins in Korea.

“BDACS isn’t just a custody service supplier,” stated Harry Ryoo, CEO of BDACS. “We are constructing the spine of the digital asset market, serving company, institutional, and public-sector companions alike.”

Further, the corporate has developed a complete framework for KRW1, together with its issuance, administration and transaction verification, an official launch learn.

Besides, the stablecoin could have real-time API integration, which permits prompt verification of reserves.

The stablecoin craze in South Korea is taking form amongst conventional finance gamers. At least three native monetary establishments, together with Kakao Bank, Kookmin Bank and the Industrial Bank of Korea, have filed for Korean won stablecoin emblems.

Early this month, Tether executives held stablecoin meetings with officers from the South Korean monetary heavyweight Shinhan Bank.

The publish South Korean Custodian BDACS Launches First Fiat-Backed Won Stablecoin on AVAX appeared first on Cryptonews.

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