Renowned digital asset manager, BDACS has announced the launch of KRW1, South Korea’s first regulated stablecoin project. The digital asset manager confirmed the development in a press release today. The launch also marked the integration of fiat deposits, stablecoin issuance, and blockchain verification into a fully operational ecosystem.
Launched in December 2023, KRW1 is a proprietary stablecoin brand originally registered by BDACS. Before stablecoins took center stage in the digital economy, BDACS laid the groundwork for success, building the necessary infrastructure even before formal regulations were established. The company also staked its claim as the first mover in Korea’s emerging digital asset market through its early “Go-to-Market” strategy.
In addition, BDACS revealed that the launch goes beyond token issuance. As revealed, BDACS established a comprehensive framework, which includes an issuance and management system as well as a user-facing app supporting peer-to-peer transfers and transaction verification.
Also, each KRW1 token is fully collateralized with South Korean won held in escrow at Woori Bank, BDACS’s strategic partner. Similarly, its real-time banking API integration also ensures transparent, verifiable proof of reserves, reinforcing trust and accountability.
KRW1 was first launched on the Avalanche blockchain. As a globally recognized, high-performance network tested by the Korea Internet and Security Agency (KISA) for its reliability and security in public-sector use, Avalanche is one of BDACS’s core global partners. As revealed, launching KRW1 on the Avalanche blockchain underscores BDACS’ commitment to scale, institutional-grade blockchain infrastructure.
BDACS goes beyond providing custody service- CEO
Harry Ryoo, CEO of BDACS, shared his thoughts on the development. He emphasized that BDACS is not just a custody service provider. He described it as the foundation of the digital asset market, serving corporate, institutional, and public-sector partners. Ryoo noted that launching KRW1 marks a major milestone for the company, laying the groundwork for the digital economy.
Justin Kim, head of Ava Labs in Asia, also commented on the development. He stated that the successful test pilot of KRW1 highlights the need for a highly performant and reliable blockchain designed for a stablecoin that complies with regulations.
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