TLDR
- South Korea’s first won-pegged stablecoin, KRW1, has launched on the Avalanche blockchain.
- KRW1 is backed 1:1 by the Korean won and aims to transform the country’s payment system.
- BDACS and Woori Bank partnered to develop KRW1, with the project now in its pilot phase.
- Avalanche’s secure and high-speed infrastructure supports KRW1’s seamless operation.
- Avalanche’s growing presence in South Korea includes partnerships with leading financial institutions and exchanges.
South Korea’s cryptocurrency ecosystem has taken a significant step forward with the launch of KRW1, the country’s first won-pegged stablecoin. Backed 1:1 by the Korean won, KRW1 aims to revolutionize payments in South Korea. Avalanche, a leading blockchain network, powers this new stablecoin with its high-speed and secure infrastructure.
Strong Institutional Support for KRW1 and Avalanche in South Korea
KRW1’s development is the result of a partnership between BDACS and Woori Bank, one of South Korea’s largest financial institutions. After a successful proof of concept (PoC), the stablecoin is now entering its pilot phase. Avalanche’s network capabilities ensure that KRW1 operates seamlessly, supporting real-time transactions and high liquidity.
Avalanche’s involvement in South Korea goes beyond KRW1. Inex, a Korean exchange, has also partnered with Ava Labs to explore stablecoin payments. This partnership will enable stablecoin payments both online and offline in the country, further embedding Avalanche in South Korea’s expanding digital economy.
Avalanche’s Success in South Korea Attracts Institutions
Avalanche’s adoption in South Korea reflects its growing appeal in the region. The country boasts over 15 million active crypto accounts, making it a key market for blockchain technology. Avalanche’s infrastructure is attracting more financial institutions, exchanges, and enterprises looking for robust solutions for digital payments and tokenized assets.
Justin Kim, Head of Asia at Ava Labs, highlighted that Avalanche’s success lies in its history of delivering complex projects. “Avalanche’s key differentiator is its proven history of delivering success with institutions,” Kim said. This credibility has positioned Avalanche as a strong contender in South Korea’s rapidly evolving cryptocurrency space.
In 2025, Avalanche has experienced explosive growth in network activity. The blockchain’s decentralized exchange (DEX) volume reached $12 billion in August. Over the past 24 hours, it surged to $630 million, surpassing other networks like Arbitrum and Sui.
In South Korea, the introduction of KRW1 is just the beginning. Avalanche’s network performance and its growing institutional backing indicate that the blockchain will play a crucial role in digitalizing South Korea’s economy. With ongoing partnerships, Avalanche is positioning itself as a leading blockchain solution for stablecoin payments and beyond in South Korea.
