South Korean crypto custodian BDACS plans to issue a won-backed stablecoin, KRW1, on Circle’s Arc blockchain. CEO Ryu Hong-yeol sees this collaboration as a step for Korean innovation on a global scale. BDACS registered the KRW1 trademark in December 2023, paving the way for the stablecoin’s launch.

Circle’s Arc testnet goes live, attracting over 100 global institutions like BlackRock and Visa. The network offers predictable USD transaction fees, sub-second finality, and optional privacy settings. Stablecoin issuers from Japan, Brazil, Mexico, and the Philippines are already testing their national tokens on Arc.

Kaia DLT Foundation chair Sangmin Seo criticizes Bank of Korea’s plan for local banks to lead won-backed stablecoin rollout, calling it illogical. BOK argues banks’ heavy regulation minimizes risks, but Seo suggests clear rules for all issuers, banking and non-banking, meeting regulatory standards.

Read more at Cointelegraph: South Korea’s BDACS to Launch KRW1 Stablecoin on Circle’s Arc Blockchain