Announcing Circle StableFX and Circle Partner StablecoinsFX is the world’s largest market, yet one of its least modernized.Circle StableFX is an institutional-grade stablecoin FX engine that combines RFQ execution with onchain settlement.→ Competitive RFQ pricing across liquidity providers→ Instant, onchain settlement→ 24/7 capital-efficient designStableFX is currently live on @Arc Testnet. Request access to get started: https://t.co/Y5Ek7abWZoBuilding on that, we’re introducing Circle Partner Stablecoins, ...

Announcing Circle StableFX and Circle Partner StablecoinsFX is the world’s largest market, yet one of its least modernized.Circle StableFX is an institutional-grade stablecoin FX engine that combines RFQ execution with onchain settlement.→ Competitive RFQ pricing across liquidity providers→ Instant, onchain settlement→ 24/7 capital-efficient designStableFX is currently live on @Arc Testnet. Request access to get started: https://t.co/Y5Ek7abp9QBuilding on that, we’re introducing Circle Partner Stablecoins, ...

South Korea's central bank has sounded the alarm on won-denominated stablecoins, warning private issuers lack the institutional trust required to maintain stable currency and urging traditional banks to take the lead instead. The Bank of Korea (BOK) released a report Monday outlining major risks associated with won-pegged stablecoins, comparing them to historical currency failures from America's mid-19th-century free-banking era to Korea's own Dangbaekjeon crisis under King Gojong. "Currency operates not ...

Core Insights - China will maintain strict regulations on cryptocurrencies and stablecoins while monitoring international developments in digital assets [1][2] - The People's Bank of China (PBOC) emphasizes the risks associated with stablecoins, particularly regarding customer identification and anti-money laundering compliance [2] - The PBOC plans to collaborate with law enforcement to enforce regulations and protect financial stability within China [1] Regulatory Environment - PBOC Governor Pan Gongsheng highlighted concerns over stablecoins increasing global financial system vulnerabilities and undermining monetary sovereignty in less developed economies [2] - The PBOC will closely monitor the development of stablecoins in overseas markets, indicating a proactive regulatory stance [2] Market Developments - Japanese startup JPYC launched the first yen-backed stablecoin, aiming to issue $66 billion (10 trillion yen) worth of tokens over three years [2] - South Korea introduced its first fully regulated won-backed stablecoin, KRW1, through BDACS and Woori Bank [3] - Bank of China’s Hong Kong shares rose on reports of plans to apply for a stablecoin license, while Standard Chartered has shown interest in the stablecoin market [3] Industry Trends - Users on Myriad are optimistic about the stablecoin market, predicting a market cap exceeding $360 billion before February [4] - Chinese firms are exploring offshore stablecoin opportunities, with Ant Group applying for the "ANTCOIN" trademark in Hong Kong and JD.com seeking licenses for cross-border B2B payments [4] Global Perspective - The role of Chinese regulators in shaping global stablecoin regulation is evolving amid relative financial stability and the absence of sanction-related pressures [5]

Core Insights - Major South Korean banks are exploring the development of KRW stablecoins, with BDACS creating a proof-of-concept for KRW1, potentially the first won-pegged stablecoin since the Digital Basic Act was passed [1][8] - The initial wave of South Korean stablecoins is not based on Ethereum but utilizes alternative blockchains like Avalanche and Solana [2] - KRW1 is characterized as a deposit token, fully backed by cash reserves held in a segregated account at Woori Bank, rather than being directly issued by a bank [3] Group 1: Development and Infrastructure - BDACS has chosen Avalanche for the initial launch of KRW1 due to its "technological excellence," with plans to expand to other networks in the future [4] - Wavebridge has partnered with the Solana Foundation to develop KRW stablecoin infrastructure aimed at financial institutions, indicating a collaborative effort to enhance blockchain adoption [5][6] Group 2: Competitive Landscape - The partnership between Solana Foundation and Wavebridge highlights the opportunities presented by new KRW stablecoins for blockchain adoption, with BDACS currently leading the race [7] - Despite BDACS's advancements, KRW1 may face competition from a coalition of nine major South Korean banks that are also exploring stablecoin initiatives [7][9] Group 3: Regulatory Environment - The passage of South Korea's Digital Basic Act has facilitated the development of KRW stablecoins, prompting banks and fintech companies to actively engage in this emerging space [8][9] - Following the enactment of the Digital Basic Act, numerous banks and payment companies have filed trademark applications, indicating their ambitions in the stablecoin market [9]

Solana Foundation has partnered with Korean blockchain infrastructure company Wavebridge to build a “compliance-ready” KRW-pegged stablecoin. The partners signed an MoU on Tuesday, to create institutional-grade tokenization products. Besides, the aim is to make stablecoins adopted within regulated financial markets. Jongwook Oh, CEO of Wavebridge, said that the collaboration designs structures where a KRW stablecoin is not only issued but also verified, controlled, and fit for institutional use. “By bui ...

Core Insights - BDACS has launched KRW1, South Korea's first fully regulated won-backed stablecoin, in partnership with Woori Bank, following a successful proof of concept [1] - Each KRW1 token is fully collateralized by South Korean won held in escrow at Woori Bank, with real-time banking API integration ensuring transparent proof of reserves [2] - KRW1 operates on the Avalanche blockchain, recognized for its high-performance capabilities and reliability in public-sector applications [3] Company Developments - BDACS envisions KRW1 for various applications including remittances, payments, investments, and deposits, with plans for public-sector deployment in emergency relief disbursements [4] - The company aims to expand KRW1 to additional blockchains and explore collaborations with global stablecoin networks, including potential partnerships with USD-backed issuers like Circle and Tether [4] Industry Context - South Korean internet giant Kakao is also developing a won-pegged token through its Kaia blockchain, indicating a competitive landscape for stablecoins in the region [5] - Japan's JPYC is expected to receive regulatory approval for its yen-backed stablecoin, marking a significant advancement in stablecoin initiatives in Asia [5] - Ripple and SBI Holdings are preparing to launch RLUSD in Japan by early 2026, reflecting ongoing developments in the stablecoin sector [6] Regulatory Landscape - South Korean lawmakers are divided on stablecoin legislation, with both ruling and opposition parties advocating for full reserve backing and increased oversight by the Bank of Korea [7]

The first Korean Won-backed stablecoin has been launched! BDACS (Busan Digital Asset Custody Services) has become the first South Korean custodian to launch the stablecoin on the Avalanche blockchain. Woori Bank has backed the newly launched stablecoin, dubbed KRW1. According to BDACS’s press release dated 18 September 2025, Korean Won deposits back the KRW1 stablecoin 1:1. Per the press release, BDACS confirmed that it completed a full proof of concept for the KRW1 stablecoin, validating its technical v ...

South Korea's first won-pegged stablecoin KRW1 launches on Avalanche https://t.co/IgGkvfCXPv ...

🚨JUST IN: SOUTH KOREAN CUSTODY PROVIDER, BDACS, UNVEILS THE FIRST STABLECOIN TIED TO THE KOREAN WON, KRW1, DEPLOYED ON @AVAX ...