Avalanche wrote in its X post dated September 18, 2025, that BDACS with Woori Bank has launched a won-backed stablecoin KRW1 on the Avax blockchain.
The South Korean digital assets custodian BDACS debuted KRW1, which is in a pilot phase following a full PoC, marking a major milestone towards regulated bank-integrated digital money in Korea.
Each KRW1 is backed 1:1 with won held in an escrow account at Woori Bank. BDACS aims to utilise the stablecoin as a low-cost payment and settlement system for public sector programs, including emergency relief disbursement, by significantly lowering the processing fees.
KRW1’s whitepaper notes that, “ KRW1 is built to operate across multiple blockchains, including those compatible with EVM, incorporating built-in interoperability modules and dual-environment issuance. These systems enable deployment on public networks and permissioned ledgers, while maintaining wallet-level compliance control and seamless reserve reconciliation with core banking systems.”
“KRW1 will offer a new standard for fiat-based digital assets in Korea by combining institutional-grade custody, blockchain-native functionality, and real-time regulatory observability,” it quotes.
Avalanche is actively participating in strengthening the crypto market
With a strong presence in the market, Avalanche blockchain paves a brighter path by connecting banks, institutions, and users. It enables BDACS to shape the future of Korea’s digital economy with KRW1.
It is worth noting that “ With real-time API integration, reserves are verifiable, instantly establishing a new benchmark for transparency and trust as Korea prepares its Digital Asset Basic Act.”
According to DeFiLlama, the total Avalanche stablecoin market capitalization is $2.118 billion, with a reduction of $181.36 million in the past 24 hours. Yet USDC dominates with 59.85% followed by USDT having a market capitalization of $605 million and Avant USD having a cap of $116.32 million.
In 2022, the stablecoin market in Avalanche was seen approaching a record of $5 billion at $4.70 billion. For the last few months, a positivity has been noted as the cap recovered from roughly $1.50 towards the mark of $2.50 billion.
Similarly, the total value locked on the Avalanche blockchain is $2.21 billion, with $1.014 billion Aave standing at the top, followed by Benqi having a TVL of $748.61 million and Centrifuge at $251.57 million.
Aave chain fees in the past 24 hours are $67,991. At the same time, DEX volume is $708.92 million, and volume in the past 7 days is $4.064 billion.
