BDACS Rolls Out its KRW1 Stablecoin on Polygon

BDACS, a regulated digital‑asset custodian, has officially launched its KRW-backed stablecoin, KRW1, on the Polygon network. 

The launch aims to make KRW1 more widely used for payments, money transfers, and business systems. This is a big step forward for digital payments and adoption by institutions in Asia.

KRW1 Stablecoin Backed by Banks with Real-Time Verification

KRW1 is fully supported by money kept in major South Korean banks, including Woori Bank. It has a system that shows proof of reserves in real time. The stablecoin connects directly to the bank through an API to check its backing constantly. 

This setup builds trust with users and makes KRW1 follow South Korea’s new rules for digital assets. Industry observers say KRW1 could become important for cross-border remittances and corporate settlements. 

KRW1 could also be used for international payroll and government payment programs. Its real-time verification system can help send emergency aid more quickly and transparently for institutions. 

Experts think launching KRW1 on Polygon will speed up global use, especially as companies look at Web3-based financial systems. Overall, KRW1’s launch shows that stablecoins are becoming more widely accepted and important in the financial sector.

KRW1 Launches on Polygon for Faster, Cheaper Payments

The Polygon network is widely known for its high throughput and low transaction costs. KRW1 now runs on a platform that can grow with demand. Several payments companies like Flutterwave, Stripe, Circle, and Mastercard have tapped the network to drive global payments and cross-border remittances. 

Polygon’s team said its network is stable, easy to integrate with, and supports regulated digital assets, which helped KRW1 launch smoothly.

Launching KRW1 on Polygon fits BDACS’s plan to make the stablecoin easier to use and trade across blockchains. Experts say this could make the stablecoin market in the region more competitive. 

Networks with higher fees or slower payments may lose users to faster alternatives. In the Asia-Pacific region, multi-chain stablecoins like KRW1 could spread quickly, affecting global blockchain payment strategies.

A Growing Trend in Bank-Backed Stablecoins

The launch of KRW1 on Polygon is part of a bigger trend in the digital asset sector. Banks and regulated companies are creating stablecoins to make payments, money transfers, and business operations faster and easier.

In South Korea, several banks and fintech firms are working on stablecoins backed by the local currency. These projects aim to combine blockchain speed with following the rules.

Similar projects are happening worldwide. Japan’s SBI Holdings has made yen-backed stablecoins for businesses, and Singapore’s central bank has tested digital Singapore dollars for cross-border payments.

These moves show a growing interest in bank-backed digital currencies that can work across multiple blockchains, handle many transactions, and keep costs low.