South Korea: KRW1 To Be Issued By BDACS, Koscom Files For Stablecoin Trademarks

Head of Asia at Ava Labs Just Kim supported this by stating:

“The successful test pilot of KRW1 demonstrates the need for a highly-performant and reliable blockchain tailored for a regulatory-compliant stablecoin. The Avalanche technology and its growing ecosystem of real-world assets will support BDACS and Woori Bank to deliver a trusted, innovative solution for Korea’s digital economy.” 

Adding to this, CEO of BDACS Harry Ryoo expressed:

“BDACS is not just a custody service provider. We are building the backbone of the digital asset market, serving corporate, institutional, and public-sector partners alike. KRW1 marks a turning point for our company, and we believe it will become a foundational asset for the digital economy.”

Meanwhile, Koscom (Korean Securities Computer Corp.) has filed this week for several national trademark protections also relating to Won-backed stablecoins and services, namely for: KOSWON, KORWON, KSDC, and others.

Both of these developments hits a surging interset in the use of stablecoins for local and cross-borader settlements. In 2024, it was reported that the daily FX turnover of KRW came to $68B, and the currency is steadily moving up to be included in the top 10 FX trading pairs.