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The post BDACS rolls out KRW1 stablecoin backed by Woori Bank PoC appeared on BitcoinEthereumNews.com. In this post: BDACS has launched KRW1 stablecoin, which is backed by the South Korean won, after completing a full proof of concept with Woori Bank. The firm has also developed issuance and management systems and a user-facing app that supports P2P transfers and transaction verification. BDACS believes banking API integration will ensure transparent, verifiable proof of reserves and reinforce trust and accountability within its network. BDACS officially launched a South Korean won-backed stablecoin, KRW1, on Wednesday. The initiative comes after the company completed a full proof of concept (PoC) with Woori Bank. The company acknowledged that the milestone marks the interaction of fiat deposits, stablecoin issuance, and blockchain verification into a fully operational ecosystem. The firm also revealed that KRW1 is a proprietary stablecoin brand it trademarked in December 2023.  BDACS develops issuance and management systems BDACS said it anticipated the central role of stablecoins in the digital asset economy and started building the necessary infrastructure well before formal regulations were in place. The Korean firm stated that its Go-to-Market strategy has positioned it as a first mover in the region’s evolving digital asset market. According to the report, the initiative extends beyond token issuance. The digital asset custody service firm has developed a comprehensive framework, including issuance and management systems. BDACS has also developed an app that supports peer-to-peer transfers and transaction verification.  Each KRW1 token will be fully collateralized with South Korean won held in escrow at Woori Bank, the company’s strategic partner. BDACS believes that real-time banking API integration will ensure transparent, verifiable proof of reserves and reinforce trust and accountability within its network. The report revealed that Woori Bank also participated in the POC. BDACS acknowledged that it aims to position KRW1 as a universal-user stablecoin for remittances, payments, investments, and deposits. The Korean firm…

PANews reported on September 18 that the Bank of England kept its policy interest rate unchanged at 4.00%, in line with market expectations. Seven voters voted to keep the rate unchanged, while two voted to cut it.