BDACS KRW1 (KRW1) Pre-launch Stablecoin Tracker
KRW1
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.
Full launch status and history
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. May 2026 Aptos Foundation partnership brings KRW1 to its first non-EVM chain, leveraging Aptos's payment infrastructure for cross-border remittances and RWA tokenisation. A February 2026 MoU with Com2uS Holdings targets KRW1-based payment infrastructure on the XPLA/CONX chain. KRW1 is live on Aptos with 30M tokens per rwa.xyz, which reported 141.8M KRW1 (about $97K) across Polygon, Aptos, Plume, Ethereum, and BNB Chain with 33 holders on September 13 2026. On September 7 2026 BDACS adopted LayerZero's OFT standard to unify that supply across chains, and on September 8 agreed card-payment rails with XBITU. Korea's Digital Asset Basic Act (the gate for commercial launch) was excluded from the National Assembly's pre-recess agenda on May 12 2026; the first public hearing planned for late September was effectively cancelled on September 22 2026 after the government bill was delayed, with the FSC targeting a November subcommittee and year-end passage uncertain. September 2026 brought a dense partnership run (Rain/Visa card rails, Arc mainnet at launch, Fireblocks custody) alongside scrutiny of the 2026 whitepaper's claim that KRW1 is a commercial product in operation, which BDACS said it would review; commercial launch remains contingent on the unenacted framework.
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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/subscribe launch krw1-bdacsActivity Timeline
Digital Asset Basic Act September public hearing effectively cancelled; FSC now targets a November subcommittee
The public hearing expected around September 30 fell through after the government bill was delayed, leaving year-end passage uncertain; the FSC still aims for a National Assembly bill-review subcommittee in November. The framework that would authorise won-pegged issuers, and therefore KRW1's commercial launch, remains unenacted.
SourceBDACS selects Fireblocks for institutional custody supporting KRW1
BDACS announced Fireblocks as its custody infrastructure for stablecoin transactions and cross-chain operations for institutional clients; BDACS reported more than 80 billion won in assets under custody in the first half of 2026.
SourceKRW1 joins Circle's Arc mainnet at launch as the only Korean won stablecoin
At Arc's mainnet launch, KRW1 went live as the only won stablecoin on Circle's new Layer 1, converting the October 2025 testnet cooperation into a production integration; BDACS plans KRW1-based on-chain FX using Circle's StableFX and reports integrations across Ethereum, Avalanche, Arc, Plume, Polygon, BNB Chain, and Aptos.
SourceKRW1 whitepaper draws scrutiny for describing the token as 'a commercial product actually in operation'
Seoul Economic Daily reported that BDACS's 2026 institutional whitepaper markets KRW1 as already operating commercially under its existing virtual-asset-service-provider filing accepted by KoFIU, drawing criticism that this conflates a VASP filing with issuer status under a law that has not passed, with shareholder Woori Bank reportedly unaware; BDACS said it would review whether to revise the wording. On-chain supply remains at proof-of-concept scale, about 141.8 million KRW1 (roughly $97K) across chains.
SourceBDACS partners with Rain to make KRW1 spendable across Visa's card network
BDACS said it partnered with payments-infrastructure firm Rain to link KRW1 to Visa's global card payment network, with Rain handling Visa issuance and settlement and BDACS handling KRW1 issuance and custody; rollout is staged pending foreign-exchange legislation.
SourceBDACS and XBITU agree to build KRW1 card-payment rails
Singapore-based XBITU is to enable KRW1 spending at Visa and Mastercard merchants and through Apple Pay and Google Pay via automatic conversion, starting with a domestic beta. No launch date was given.
SourceBDACS adopts LayerZero's OFT standard to run KRW1 as a single omnichain supply
LayerZero says KRW1 will use the Omnichain Fungible Token standard for one unified supply across connected chains, with Stargate executing transfers. The post lists KRW1 as live on Ethereum, Avalanche, and Circle's Arc.
SourceUnified Digital Asset Basic Act bill still not introduced; first public hearing set for late September
National Policy Committee chair Yoo Dong-soo says the FSC's government bill has not yet arrived, ten private-member bills remain pending, and the bank 50%-plus-one consortium rule is unresolved. The Democratic Party plans a first public hearing at the end of September 2026.
SourceKorea's finance ministry targets Digital Asset Basic Act passage in the second half of 2026
The Ministry of Economy and Finance set a target of passing the Digital Asset Basic Act in H2 2026, the framework that would authorise won-pegged stablecoin issuers and gate KRW1's commercial launch. The Bank of Korea and the Financial Services Commission remain split over whether issuance should be restricted to bank-majority entities.
SourceBDACS publishes institutional KRW1 whitepaper
Institutional whitepaper published on the BDACS newsroom; krw1.kr now describes commercialization of issuance and circulation for select KYC/AML-vetted institutions, while aggregator-tracked supply remains proof-of-concept scale pending Korea's Digital Asset Basic Act (bills introduced July 28 2026).
SourceBDACS and Aptos Foundation partner to bring KRW1 to Aptos
First deployment of KRW1 outside EVM-compatible chains; aims to accelerate practical stablecoin use cases across domestic and global markets via Aptos's low-fee payment infrastructure for remittances and real-world asset tokenisation.
SourceKorea Digital Asset Basic Act excluded from National Assembly pre-recess agenda; H2 2026 earliest for resumed debate
SourceBDACS and Com2uS Holdings sign MoU to build KRW1 payment infrastructure on XPLA/CONX
SourceBDACS 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 deploys on BNB Chain
Multi-chain expansion to BNB Chain; on-chain BEP-20 contract live (0x8c2f2784cbab626846a53d20d8104ff42b3594c2).
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.
SourceCommercial on Paper, Pilot on Chain
KRW1 is BDACS's won stablecoin, held as a proof of concept by Pharos since its September 2025 Avalanche pilot with Woori Bank as reserve custodian. September compressed the gap between the issuer's claims and the chain. BDACS partnered with Rain to make KRW1 spendable across Visa's card network, joined Circle's Arc mainnet at launch as the only won stablecoin, and selected Fireblocks for institutional custody. On September 16 the Seoul Economic Daily reported that BDACS's own 2026 whitepaper describes KRW1 as a commercial product actually in operation under its existing virtual-asset-service-provider filing, drawing criticism for conflating a filing with issuer status under a law that has not passed; BDACS said it would review the wording. The Digital Asset Basic Act slipped again when its September public hearing was cancelled over a delayed government bill. On-chain, about 141.8 million KRW1 circulated in mid-September, roughly US$97,000, and that is the durable fact: distribution partnerships are arriving faster than either the law or the float.
Updated
Discover
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.
BDACS and Aptos team up to expand KRW1 stablecoin ecosystem
KRW1 expands beyond EVM chains via Aptos Foundation partnership; Aptos cited for low-cost payments, remittances, and real-world asset tokenisation infrastructure.
BDACS selects LayerZero OFT standard for KRW1
LayerZero's account of the omnichain supply design and the chains where KRW1 is live.
Target Chains
Links
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