South Korea’s BDACS to Launch KRW1 Stablecoin on Circle’s Arc Blockchain

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.

“This collaboration is a meaningful step forward for Korea’s innovation to reach the global stage,” said Ryu Hong-yeol, CEO of BDACS. “By deploying KRW1 on Circle’s Arc, we…