KRW1, a won-pegged stablecoin, debuts on Avalanche in South Korea
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Launch of KRW1: South Korea's BDACS has launched KRW1, a stablecoin pegged to the won and backed 1:1 by reserves held at Woori Bank, utilizing the Avalanche blockchain for security and performance.
Market Demand and Regulatory Framework: The launch responds to growing local interest in stablecoins, with the Financial Services Commission drafting regulations to support the stablecoin market, aiming to create a unified framework for issuance and management.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
