KRW1 won stablecoin hits Visa in 200+ countries

KRW1 is a South Korean won stablecoin backed 1:1 by reserves held at Woori Bank. BDACS manages issuance and custody and on-chain transfers settle on the Avalanche network. Rain, a payments issuer, plans to enable KRW1 spending via Visa acceptance at more than 175 million merchants in over 200 countries.

Circulating supply stands at about 142 million KRW1 tokens, equal to 142 million South Korean won. On-chain asset registry data places that supply at roughly $105,195. Active wallet counts and transfer volumes on the network are modest, indicating limited on-chain circulation to date.

Rain has launched more than 130 card programs that the company intends to use as templates for KRW1-enabled cards. Those cards would allow holders to pay with won-denominated balances at point of sale without converting to another fiat currency.

The total on-chain value of KRW1 is small compared with leading dollar-backed stablecoins, which reduces the pool of liquid assets available to process larger or cross-border payments. Thin liquidity can make larger transfers harder to execute smoothly as demand increases.

Bank-held reserves backing on-chain tokens and card acceptance intersect with banking and payments rules across different jurisdictions. On-chain analysts and market observers identify coordinated rises in circulating supply, transfer volume and active wallets as indicators of broader adoption.

As announced by the issuers, KRW1 combines regulated bank custody and blockchain settlement with planned Visa acceptance, while circulating supply, transaction volume and regulatory treatment vary across markets.