BDACS announced the launch of KRW1, a stablecoin fully backed by the South Korean won and integrated with Woori Bank’s banking infrastructure.
BDACS, a digital asset custody service provider, introduced KRW1 as the first stablecoin fully collateralized by the South Korean won, offering a comprehensive infrastructure for issuance, storage, and circulation. Each token unit is backed by funds held in Woori Bank escrow accounts. Real-time API-based reserve verification ensures transparency, strengthens user trust, and meets future regulatory requirements.
The token was initially issued on the Avalanche blockchain, recognized by the Korea Internet & Security Agency (KISA) as reliable and secure for use in the public sector. According to Justin Kim, Head of Asia at Ava Labs, the pilot project demonstrated the necessity of high-performance and regulated blockchain infrastructure for the successful rollout of national stablecoins.
BDACS plans to use KRW1 not only for transfers and payments but also for investments, deposits, and government programs. In particular, discussions are underway on integrating the stablecoin into emergency financial aid mechanisms, which would help reduce fees and speed up settlements. The company is actively building a network of financial and technology partners and expects KRW1 to become a technical standard for stablecoins under South Korea’s forthcoming digital asset law.
“We are building the backbone of the digital asset market, serving corporate, institutional, and public-sector partners alike,” noted BDACS CEO Harry Ryoo. “KRW1 marks a turning point for our company, and we believe it will become a foundational asset for the digital economy.”
Looking ahead, BDACS is considering integrating KRW1 with dollar-pegged stablecoins to expand global liquidity, as well as collaborating with other banks and international blockchain platforms.
Max Krupyshev, CEO of CoinsPaid, highlighted the advantages of stablecoins in international business during his 2025 address to the American Chamber of Commerce in Estonia: “Leading FinTech companies are already offering clients the ability to buy, store, and sell digital assets. The demand is driven not only by private users but also by businesses, which need to move funds between countries and continents quickly, cheaply, and securely,” said Max.
In June 2025, the South Korean government launched a comprehensive crypto sector reform, which includes the planned introduction of spot crypto ETFs and regulatory rules for stablecoins.
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