Pharos can still tell you how this asset is supposed to work, when it expects to launch, and what sources to watch. Live market, peg, liquidity, and safety surfaces activate only after the first post-launch data sync.
Pilot phase following successful September 2025 proof of concept; not yet in public circulation. BDACS is South Korea's regulated digital-asset custodian; Woori Bank holds the won reserves and participated directly in the PoC. Initial deployment on Avalanche (cited by KISA for reliability in public-sector use); KRW1 expanded to Polygon in December 2025 for broader payments, remittances, and enterprise reach. October 2025 MoU with Circle positions KRW1 for deployment on Arc (Circle's new Layer 1), where it joins national stablecoin issuers from Japan, Brazil, Mexico, and the Philippines. February 2026 Plume partnership positions KRW1 as Korean institutional settlement rail for tokenized RWA. The Bank of Korea nominee (April 2026) signalled CBDC and bank-issued deposit tokens should lead Korea's digital money system, with private stablecoins in a secondary role — a headwind for commercial launch timing. Commercial launch contingent on Korea's forthcoming Digital Asset Basic Act framework.
BDACS KRW1
KRW1
At a Glance
- Backing
- Real-World Asset Backed
- Governance
- Centralized (CeFi)
- Peg Currency
- Korean Won
- Jurisdiction
- South Korea (FSC / FSS (Digital Asset Basic Act pending))
Launch Timeline
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BDACS partners with Plume to position KRW1 as Korean institutional RWA settlement rail
Plume integration lets Korean institutional investors allocate into tokenized RWA instruments denominated in KRW1 without USD conversion; ~$645M of tokenized assets currently on Plume.
SourceKRW1 launches on Polygon network
Multi-chain expansion following the Avalanche PoC; Polygon selected for high throughput, low fees, and integrations with Stripe, Circle, and Mastercard, enabling payments, remittances, and enterprise use cases.
SourceBDACS signs MoU with Circle to bring KRW1 to Arc blockchain
BDACS and Circle formalize collaboration to deploy KRW1 on Arc, Circle's new Layer 1 blockchain (public testnet); KRW1 becomes the first Korea-based issuer on the network, joining issuers from Japan, Brazil, Mexico, and the Philippines.
SourceKRW1 proof-of-concept goes live on Avalanche with Woori Bank
Successful PoC validates fiat deposits, on-chain issuance, and real-time banking-API reserve attestation; not yet in public circulation.
SourceBDACS trademarks KRW1 brand
BDACS files KRW1 trademark and begins building issuance infrastructure ahead of formal Korean stablecoin regulation.
SourceKorea's First Bank-Backed Won Stablecoin, Stuck in PoC
KRW1 is BDACS's KRW-backed stablecoin, developed with Woori Bank as the reserve custodian and launched on Avalanche in September 2025 — but in a proof-of-concept phase, not in public circulation. The structural advantages are real: real-time banking-API reserve attestation through Woori, KISA's endorsement of Avalanche for public-sector reliability, and a February 2026 Plume partnership that positions KRW1 as the Korean institutional settlement rail for tokenized RWAs (Plume hosts roughly $645M in tokenized assets). The commercial gating is Korea's still-pending Digital Asset Basic Act framework, where BDACS is explicitly trying to make KRW1 the technical standard. The strategic weakness is distribution — BDACS is a B2B custodian without a consumer app or retail footprint, which makes KRW1 likely to win on the institutional side and lose to bank-led or super-app issuers if Korea's eventual framework favours retail surfaces.
Updated
Discover
BDACS launches KRW1, the first fully KRW-backed stablecoin developed with Woori Bank on Avalanche
September 2025 proof-of-concept launch; Avalanche-native KRW1 with real-time banking-API reserve attestation through Woori Bank.
BDACS launches KRW1 stablecoin following successful proof of concept with Woori Bank
Pilot details: each KRW1 fully collateralized via won held in Woori Bank escrow; KISA cites Avalanche for public-sector reliability.
The Korea Won Stablecoin 2026 Race: 6 Players Competing for Asia's Next Financial Frontier
Comparative analysis of KRW1's institutional-RWA settlement positioning versus retail-bank consortium plans under Korea's pending Digital Asset Basic Act.
South Korea's BDACS to launch KRW1 stablecoin on Circle's Arc blockchain
BDACS signs MoU with Circle to bring KRW1 to Arc's public testnet; KRW1 becomes the first Korea-based issuer on the network alongside Japan, Brazil, Mexico, and Philippines issuers.
BDACS brings KRW stablecoin KRW1 to Polygon
Multi-chain expansion to Polygon in December 2025; selected for speed, low fees, and enterprise integrations with Stripe, Circle, and Mastercard.
Links
Related Stablecoins
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