BDACS expands KRW1 to BNB Chain… expands business scope and utility

Domestic crypto asset (cryptocurrency) custodian BDACS announced on the 11th that it will launch the Korean won stablecoin 'KRW1' on the BNB Chain. The BNB Chain is a blockchain built by Binance.

This expansion follows the successful completion of KRW1's proof of concept (PoC). Earlier, BDACS comprehensively checked the stablecoin issuance process during the PoC phase, from fiat-based funding and issuance to on-chain real-time verification. Having secured institutional-grade stability and a compliance foundation, it is interpreted as moving to actively expand KRW1's business scope.

BDACS said the reason for choosing the BNB Chain was "because it can provide suitable infrastructure." The BNB Chain has a scalable architecture to support large-scale financial service operations, and because it has a user base and financial service touchpoints, it can greatly enhance KRW1's utility.

Starting with this expansion, BDACS plans to gradually expand KRW1's supported networks to multi-chain to increase KRW1 liquidity. Through this, it aims to make value transfers in the global digital asset market easier and to strengthen interoperability among stablecoins.

Ryu Hong-yeol, CEO of BDACS, said, "The expansion of KRW1 to the BNB Chain is an important milestone in BDACS's multi-chain stablecoin strategy," adding, "We will continue to expand KRW1 across world-class blockchain ecosystems to maximize global accessibility, liquidity, and real-world usability."