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South Korea’s BDACS Launches First Won-Backed Stablecoin Ahead Of Q4 Framework

Rubmar Garcia
by Rubmar Garcia
2 weeks ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As the South Korean crypto industry awaits the highly anticipated regulatory framework, digital assets custodian BDACS and financial giant Woori Bank have partnered to launch the first stablecoin pegged to the Korean Won (KRW) on the Avalanche blockchain.

Related Reading: US House Pushes To Combine Anti-CBDC And Crypto Market Structure Bills

First Won-Pegged Stablecoin Launched On Avalanche

Digital asset custody firm BDACS officially launched the first South Korean won-backed stablecoin, KRW1, on the Avalanche blockchain in collaboration with Woori Bank, one of the four largest domestic financial institutions in the country

According to the X announcement, the stablecoin is currently in a pilot phase, following a successful proof-of-concept (PoC), and each KRW1 token is 1:1 collateralized with won held in escrow at Woori Bank.

BDACS reportedly plans to utilize the won-pegged stablecoin as a “low-cost payment and settlement system for public-sector programs, such as emergency relief disbursements, by significantly lowering payment processing fees.”

Additionally, KRW1 is “built for more than markets,” Avalanche’s X thread read, as it could become a “technical standard for stablecoins in Korea,” with the upcoming regulatory framework.

“BDACS has developed a comprehensive framework, including issuance and management systems as well as a user-facing app supporting peer-to-peer transfers and transaction verification,” the press release detailed.

Harry Ryoo, BDACS’s CEO, affirmed that the digital assets firm is “building the backbone of the digital asset market, serving corporate, institutional, and public-sector partners alike. KRW1 marks a turning point for our company, and we believe it will become a foundational asset for the digital economy.”

Banks, Crypto Industry Anticipate October Framework

KRW1 launches ahead of the regulatory framework by South Korea’s Financial Services Commission (FSC). As reported by Bitcoinist, the financial authority is expected to release the long-awaited guidelines for the issuance and distribution of won-backed stablecoin at the start of next quarter.

On August 18, Park Min-kyu, a member of the Democratic Party of Korea (DPK), affirmed that the government’s bill was expected to be submitted to the National Assembly in October. The lawmaker revealed that he had recently received a report from the FSC on the direction of stablecoins.

The FSC has been working to develop digital assets legislation and shift its regulatory approach, establishing the Virtual Asset Committee in November 2024 to prepare the next phases of its regulatory roadmap and finalize the second one by the end of 2025.

Multiple bills related to the issuance and distribution of won-pegged stablecoins have been introduced in South Korea’s National Assembly, including two rival bills in July by Korea’s ruling and opposition parties.

Ahn Do-gil, a member of the Planning and Finance Committee from the Democratic Party, introduced the “Act on the Issuance and Distribution of Value-Stable Digital Assets.” On the same day, Kim Eun-hye, a member of the Land, Infrastructure, and Transport Committee from the People Power Party (PPP), proposed the “Act on Payment Innovation Using Value-Fixed Digital Assets.”

In June, Min Byung-deok, a member of the National Assembly’s Government Committee, also introduced the “Digital Assets Basic Act,” which proposes allowing the issuance of won-pegged stablecoins and establishing a Digital Asset Committee under the direct authority of the president.

The banking sector has been studying two legalization scenarios, as it’s been unclear whether non-bank entities will be allowed to be stablecoin issuers. Notably, South Korea’s biggest banks have reportedly been in talks with Tether and Circle to discuss potential partnerships.

According to local reports, the CEOs of Shinhan Financial Group and Hana Financial Group CEO had separate meetings last month with Heath Tarbert, the president of Circle and a Tether official. Similarly, KB Financial Group and Woori Bank were also expected to meet with Tarbert.

Related Reading: Symbiotic, Chainlink, and Lombard Partner For Cross-Chain Bitcoin Transfers

stablecoin, Avalanche, AVAX, AVAXUSDT

Avalanche (AVAX) trades at $33.22 in the one-week chart. Source: AVAXUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Rubmar Garcia

Rubmar Garcia

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Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

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