Circle’s Arc testnet blockchain went live yesterday, and it scored a major development: South Korea’s won-backed stablecoin KRW1 is set to launch on the blockchain network! Yes, Busan-based crypto custodian Busan Digital Asset Custody (BDACS) has signed a partnership with stablecoin issuer Circle to deploy its stablecoin on Arc.
KRW1 is South Korea’s first won-backed stablecoin, which was officially launched in May 2024 by BDACS in collaboration with Woori Bank.
Described as “the new Economic Operating System for the Internet,” Arc is designed to revolutionize stablecoin financing. The network is now open to developers and businesses to experiment with Arc’s tools, smart contracts, and other features and provide feedback on their experience.
Fintech institutions try out the Arc network
The moment the testnet Arc blockchain launched, financial institutions like BlackRock, HSBC, Visa, Mastercard, Kraken, Goldman Sachs, Elliptic, and other firms jumped into the open Layer-1 blockchain network as infrastructure participants.
Crypto wind has been whistling in South Korea, with politicians spreading word of mouth about digital assets during their election campaigns. Besides, cities like Bustan, where BDACS is headquartered, are pushing to create a crypto-supportive environment in the country. In this evolving landscape comes Circle’s Arc blockchain, engraving a milestone with the debut of KRW1 stablecoin.
