Circle’s Arc has seen strong early adoption, with over 100 global financial and fintech giants, including BlackRock, Goldman Sachs, Visa and Mastercard, joining its public testnet.
Update (Oct. 29, 2:39 pm UTC): This article has been updated to include details from BDACS’s September announcement confirming that KRW1 was first launched on the Avalanche blockchain in partnership with Woori Bank, following a successful proof-of-concept.
South Korean crypto custodian BDACS plans to issue a won-backed stablecoin, “KRW1,” on Circle’s newly launched blockchain Arc.
The Busan-based company signed a memorandum of understanding (MOU) with Circle to develop and deploy KRW1 on Arc, establishing what it called an “organic cooperative framework,” according to a Wednesday report by the Yonhap News Agency.
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