BDACS brings KRW stablecoin KRW1 to Polygon

KRW1, a KRW-backed stablecoin from BDACS, has launched on Polygon with real-time bank-linked proof-of-reserves, targeting payments, remittances, and institutional use.

BDACS has launched its KRW-backed stablecoin KRW1 on the Polygon network, the company announced, following a proof-of-concept that confirmed stable and real-time performance from fiat deposits to on-chain settlement.

The deployment expands KRW1’s functionality for payments, remittances, and enterprise systems, according to the company. Polygon’s high throughput and low transaction fees enable faster and more accessible stablecoin operations, BDACS stated.

KRW1 remains fully collateralized by reserves held at Korea’s commercial institutions, including Woori Bank, according to the company. The stablecoin utilizes real-time proof-of-reserves through a direct API connection with Woori Bank.

Polygon and BDACS latest in a string of strategic partnerships

Polygon has established partnerships with global companies including Stripe, Circle, and Mastercard, providing infrastructure for wallet, exchange, and payment network interoperability. The network serves as a platform for institutional stablecoin deployments.

Polygon executives stated the KRW1 deployment supports the network’s digital payments framework. The executives cited the network’s operational stability, tooling, and integration capabilities as factors for stablecoin adoption. Polygon’s involvement in tokenization and inter-institutional payment pilots positions the network for regulated digital assets, according to company representatives.

The multi-chain expansion aligns with BDACS’s strategy to improve liquidity and accessibility across blockchain systems, according to industry observers. The Polygon launch may accelerate KRW1’s global positioning as businesses explore Web3-enabled financial infrastructure, analysts noted.

The transparency model brings BDACS into compliance with forthcoming digital asset regulations in South Korea, according to industry experts. The real-time verification system may support institutional adoption, analysts stated.

Industry observers identified potential applications for KRW1 in cross-border remittances and public-sector distribution programs. The real-time verification capability could facilitate emergency-aid transfers, corporate settlements, and international payroll flows, according to researchers.

Polygon’s infrastructure enables KRW1 to scale to large transaction volumes while maintaining speed and cost efficiency, according to industry representatives. The expansion may create competitive pressure in the regional stablecoin market, with networks operating higher-fee or older settlement systems potentially facing challenges as users migrate to faster alternatives, analysts noted.

The Asia-Pacific region may adopt stablecoin tools more rapidly as multi-chain strategies develop, according to industry experts. The KRW1 deployment on Polygon could influence strategic decisions within on-chain payment ecosystems globally, observers stated.