Key Notes

Avalanche has now become host to the first Korean won–backed stablecoin dubbed KRW1.

The stablecoin is fully collateralized with Korean won deposits held at Woori Bank.

In the meantime, the stablecoin is not included in circulation, but in the PoC phase.

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 institutio

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