Circle’s Arc attracts South Korea’s first won-backed stablecoin experiment
BDACS plans to issue KRW1, South Korea's first won-backed stablecoin, on Circle's newly launched Arc blockchain.Summary
South Korean crypto custodian BDACS announced plans to issue "KRW1," the country's first won-backed stablecoin, on Circle's newly launched blockchain, Arc, following an MOU with Circle. BDACS CEO Ryu Hong-yeol stated this collaboration opens a gateway for Korean companies into the global stablecoin network. Circle's Arc, described as an "Economic Operating System for the internet," recently launched its public testnet, attracting over 100 global financial institutions like BlackRock and Visa. Arc supports USDC and other fiat-pegged assets, and KRW1 joins other national tokens being tested on the network. Separately, Sangmin Seo of the Kaia DLT Foundation criticized the Bank of Korea's proposal to restrict won-backed stablecoin issuance solely to regulated banks, advocating instead for clear rules applicable to all qualified issuers.
(Source：Cointelegraph)