Tiger Research noted in a recent report that Avalanche is attracting significant interest in Asia, with institutional interest increasing.
In a sign of this interest, South Korean cryptocurrency custody provider BDACS announced the launch of the country’s first Korean won-pegged stablecoin, KRW1, on the Avalanche (AVAX) network.
In a post on his Avalanche X account, BDACS announced that it has launched KRW1, a fully collateralized, won-backed stablecoin, in collaboration with Woori Bank.
Avalanche stated that KRW1 is currently in the pilot phase and that KRW1 represents an important step towards a regulated, bank-integrated digital currency in Korea.
BDACS stated that they chose Avalanche for the reliability and security of the network in the public sector.
Avalanche provides the performance, security, and scale required to implement KRW1, and by connecting banks, institutions, and users, BDACS helps shape the future of Korea’s digital economy with KRW1.
BDACS said it aims to position KRW1 as a globally used stablecoin for remittances, payments, investments, and deposits, and plans to deploy the stablecoin in public sector applications such as payment systems for emergency relief payments.
BDACS also plans to expand KRW1 to other blockchains to increase interoperability, adding that it is exploring potential collaborations with US dollar stablecoins such as USDT or USDC.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/a-first-in-south-koreas-history-the-countrys-first-cryptocurrency-is-launching-they-will-use-this-altcoin-network/
