Peter Steinberger Declares No Links to Crypto Tokens

The post BDACS, Woori Bank Launch South Korea’s First Won-Backed Stablecoin on Avalanche appeared on BitcoinEthereumNews.com. In brief Digital asset custodian BDACS has launched KRW1, South Korea’s first fully regulated won-backed stablecoin, through a partnership with Woori Bank. Each token maintains full collateralization with Korean won held in Woori Bank escrow, according to BDACS. The launch comes amid competing parliamentary bills that debate interest payments and capital requirements for stablecoin issuers. Digital asset custodian BDACS has launched KRW1, South Korea’s first fully regulated won-backed stablecoin, in partnership with Woori Bank. The announcement follows completion of a proof of concept validating technical infrastructure spanning fiat deposits, token issuance, and blockchain verification, as per a Thursday press release. Each KRW1 token maintains full collateralization through South Korean won held in escrow at Woori Bank, with real-time banking API integration providing transparent proof of reserves, according to BDACS’ statement. The company trademarked the KRW1 brand in December 2023, building infrastructure before the advent of formal regulations. KRW1 launched on the Avalanche blockchain, chosen for its “high-performance capabilities” and recognition by Korea’s Internet & Security Agency for “reliability in public-sector applications.” “The successful test pilot of KRW1 demonstrates the need for a highly-performant and reliable blockchain tailored for a regulatory-compliant stablecoin,” Justin Kim, Head of Asia at Ava Labs, said in the statement. BDACS envisions KRW1 serving remittances, payments, investments, and deposits, with public-sector deployment planned for low-cost payment and settlement systems in emergency relief disbursements. The company plans to expand KRW1 to additional blockchains and explore collaborations with global stablecoin networks, including potential partnerships with USD-backed issuers Circle and Tether, according to the press release. Stablecoins in Asia South Korean internet giant Kakao is also developing a won-pegged token through its Kaia blockchain, having registered trademarks including “KRWGlobal” and “KRWKaia” in August, Decrypt reported earlier. The launch comes as Korea’s neighbors advance their own stablecoin initiatives, with Japan’s JPYC…

The post Ripple CEO Reacts to BBB Rating for Ripple Prime, Lists Three Points It Validates appeared on BitcoinEthereumNews.com. Brad Garlinghouse, CEO of Ripple

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