{"id":47783,"date":"2025-09-19T04:48:30","date_gmt":"2025-09-19T04:48:30","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=47783"},"modified":"2025-09-19T04:48:30","modified_gmt":"2025-09-19T04:48:30","slug":"bdacs-unveils-first-won-backed-stablecoin-before-q4-launch","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/bdacs-unveils-first-won-backed-stablecoin-before-q4-launch\/","title":{"rendered":"BDACS Unveils First Won-Backed Stablecoin Before Q4 Launch"},"content":{"rendered":"\n

In a significant move for the South Korean finance and crypto landscapes, digital asset custodian BDACS has teamed up with prominent financial entity Woori Bank to unveil a groundbreaking stablecoin pegged to the Korean Won (KRW), utilizing the advanced capabilities of the Avalanche blockchain.<\/p>\n

<\/span>Launch of the First KRW-Pegged Stablecoin on the Avalanche Network<\/span><\/h2>\n

The innovative firm BDACS has officially introduced KRW1, the inaugural stablecoin backed by the South Korean won, in collaboration with Woori Bank, a leading player among the nation\u2019s financial institutions.<\/p>\n

As indicated in a recent announcement<\/a>, KRW1 is presently in a testing phase, following a successful proof-of-concept implementation. Each KRW1 token is fully collateralized at a 1:1 ratio with the won secured in an escrow account at Woori Bank.<\/p>\n

BDACS aims to leverage this stablecoin as a \u201ccost-effective payment solution for public sector initiatives,\u201d notably in areas such as emergency fund distributions, where it can substantially reduce transaction costs.<\/p>\n

Furthermore, KRW1 is positioned as a milestone beyond market trading; according to Avalanche\u2019s social media updates, this stablecoin could set a new technical benchmark for stablecoins within South Korea, especially with upcoming regulatory developments being anticipated.<\/p>\n

\u201cBDACS has established a robust framework incorporating systems for issuance and management, alongside a user-centric application designed for peer-to-peer transfers and transaction verification,\u201d the press statement highlighted<\/a>.<\/p>\n

Harry Ryoo, CEO of BDACS, emphasized that they are \u201ccreating the infrastructure for the digital asset sector, catering to diverse clients including corporate, institutional, and government organizations. The launch of KRW1 signifies a pivotal moment for our company, and we are confident it will become a cornerstone of the emerging digital economy.\u201d<\/p>\n

<\/span>Anticipation Builds for the Regulatory Framework in October<\/span><\/h2>\n

The introduction of KRW1 precedes significant regulatory developments expected from South Korea\u2019s Financial Services Commission (FSC). Reports suggest that the FSC will soon unveil long-awaited guidelines concerning the issuance and management of won-backed stablecoins.<\/p>\n

On August 18, Park Min-kyu, a prominent member of the Democratic Party of Korea, confirmed that legislation is projected to be submitted to the National Assembly in October. He also mentioned receiving updates from the FSC on the evolving direction of stablecoin regulations.<\/p>\n

The FSC has been actively working on digital asset regulations to adapt its oversight framework. The establishment of the Virtual Asset Committee in November 2024 signifies a strategic move to structure the regulatory landscape further and finalize the subsequent phases by late 2025.<\/p>\n

Numerous legislative proposals regarding the creation and governance of won-pegged stablecoins have been presented in South Korea\u2019s National Assembly, including two competing bills discussed in July from the country\u2019s ruling and opposition parties.<\/p>\n

Ahn Do-gil, a member of the Planning and Finance Committee from the Democratic Party, proposed the \u201cAct on the Issuance and Distribution of Value-Stable Digital Assets.\u201d In parallel, Kim Eun-hye from the People Power Party introduced the \u201cAct on Payment Innovation Using Value-Fixed Digital Assets.\u201d<\/p>\n

Additionally, Min Byung-deok has put forth the \u201cDigital Assets Basic Act,\u201d aiming to authorize the issuance of won-pegged stablecoins while advocating for the establishment of a Digital Asset Committee under presidential authority.<\/p>\n

The banking community is currently evaluating various scenarios for potential regulations, particularly regarding whether non-bank entities can operate as issuers of stablecoins. Notably, major banks in South Korea have engaged in dialogues with Tether and Circle to explore possible collaborations.<\/p>\n

According to local sources, leaders from Shinhan Financial Group and Hana Financial Group recently held individual discussions with Heath Tarbert, the president of Circle, along with representatives from Tether. Similarly, KB Financial Group and Woori Bank anticipated meetings with him soon.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In a significant move for the South Korean finance and crypto landscapes, digital asset custodian BDACS has teamed up with prominent financial entity Woori Bank to unveil a groundbreaking stablecoin pegged to the Korean Won (KRW), utilizing the advanced capabilities of the Avalanche blockchain. Launch of the First KRW-Pegged Stablecoin on the Avalanche Network The […]<\/p>\n","protected":false},"author":14,"featured_media":47784,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"BDACS Unveils First Won-Backed Stablecoin Before Q4 Launch - Bitrabo","description":"In a significant move for the South Korean finance and crypto landscapes, digital asset custodian BDACS has teamed up with prominent financial entity Woori Bank"},"footnotes":""},"categories":[316],"tags":[1747,17124,2567,2732,729,1262,1072,17125],"class_list":["post-47783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-ahead","tag-bdacs","tag-framework","tag-koreas","tag-launches","tag-south","tag-stablecoin","tag-wonbacked"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/47783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=47783"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/47783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/47784"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=47783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=47783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=47783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}