Circle’s Arc attracts South Korea’s first won-backed stablecoin experiment

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.

South Korean crypto custodian BDACS has announced 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 are opening a gateway for Korean companies to participate in the global stablecoin network,” he added.

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