South Korea’s KRW1 won-backed stablecoin is moving into global payments through an integration with Rain, connecting the token to the Visa network. The arrangement will allow businesses to offer won-denominated stablecoin cards that can be used at more than 175 million Visa merchant locations worldwide. KRW1 was launched by South Korean digital asset custodian BDACS in partnership with Woori Bank and is backed 1:1 by Korean won reserves. The token is issued on the Avalanche blockchain, while Rain provides the card and payment infrastructure needed to use KRW1 for international spending.
The integration gives businesses a way to use tokenized Korean won outside South Korea without first converting the funds into another currency. Cardholders can spend from KRW1-backed balances, while merchants receive payments through the conventional Visa system.
Rain said the new KRW1 card programmes will operate using the same infrastructure behind more than 130 existing programmes. Rain will handle card issuance, programme management and settlement, while BDACS will continue to issue and hold KRW1. The stablecoin’s reserves are held at Woori Bank.
https://www.rain.xyz/resources/rain-adds-support-for-the-korean-won
The system could have practical uses for companies and individuals making payments connected with travel, overseas education, corporate expenses and payments to contractors or creators. For businesses operating internationally, keeping the underlying balance denominated in won could offer another way to manage cross-border spending.
The Korean won represents nearly $3 trillion in broad money supply, according to information cited by Avalanche. However, much of that monetary activity has traditionally remained within South Korea. KRW1 is designed to put a digital version of the won onto blockchain networks and make it easier to use internationally.
https://x.com/raincards/status/2099835584231440395?s=20
The move also comes as interest in tokenized currencies and blockchain-based payment infrastructure grows. BDACS previously signed a memorandum of understanding with the Aptos Foundation to explore an on-chain commerce environment centred on KRW1.
https://x.com/avax/status/2099838531162030138
For now, the Rain integration represents another step in taking KRW1 beyond its domestic market. By combining BDACS’s stablecoin and custody role, Woori Bank’s reserves, Avalanche’s blockchain infrastructure and Rain’s payment technology, the project connects a Korean won-based digital asset with an established global card network.
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