As the South Korean crypto industry awaits the highly anticipated regulatory framework, digital assets custodian BDACS and financial giant Woori Bank have partnered to launch the first stablecoin pegged to the Korean Won (KRW) on the Avalanche blockchain.

First Won-Pegged Stablecoin Launched On Avalanche

Digital asset custody firm BDACS officially launched the first South Korean won-backed stablecoin, KRW1, on the Avalanche blockchain in collaboration with Woori Bank, one of the four largest domestic financial institutions in the country

According to the X announcement , the stablecoin is currently in a pilot phase, following a successful proof-of-concept (PoC), and each KRW1 token is 1:1 collateralized with won held in escrow at Woori Bank.

BDACS reportedly plans to utilize the wo

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