BDACS Launches KRW1, Korea’s First Fully Backed Stablecoin

BDACS has officially launched KRW1, a South Korean won-backed stablecoin, following the successful completion of a proof of concept that validated its technical readiness. Each KRW1 token is fully collateralized with won held in escrow at Woori Bank, with real-time API integration ensuring verifiable proof of reserves. Woori Bank directly participated in the pilot, underscoring the role of banks in stablecoin ecosystems.

KRW1 debuted on the Avalanche blockchain, chosen for its scalability and reliability. Ava Labs, Avalanche’s developer, said the pilot highlights demand for a high-performance network to support regulatory-compliant stablecoins. Avalanche’s global ecosystem of real-world assets is expected to strengthen KRW1’s adoption.

Trademarked in December 2023, KRW1 represents BDACS’s early entry into Korea’s digital asset market, positioning the firm as a first mover ahead of forthcoming regulation under the Digital Asset Basic Act. Unlike other stablecoin initiatives, KRW1 integrates the full lifecycle of issuance, custody, banking, and blockchain verification into a single framework.

The company’s user-facing app supports peer-to-peer transfers and transaction verification, while its broader roadmap extends to remittances, payments, investments, and deposits. BDACS is also preparing to pilot KRW1 in public-sector use cases such as emergency relief disbursements, promising faster, lower-cost settlement systems.

BDACS sees interoperability as key, with plans to expand KRW1 beyond Avalanche and explore connections with USD-backed stablecoins like Circle and Tether to build global liquidity. Partnerships with additional banks and technology providers are also under consideration.

“KRW1 is not just another token—it’s the foundation of a regulated, trust-driven digital economy,” said BDACS CEO Harry Ryoo. “We’re building the backbone for institutional and public-sector adoption.”