TLDR:
- Vidax will issue the Korean Won-backed stablecoin KRW1 on Circle’s new Arc blockchain network.
- The collaboration follows a formal MOU between Vidax and Circle to support stablecoin integration.
- KRW1 marks Korea’s entry into Circle’s global stablecoin system for cross-border crypto settlements.
- The KRW1 trademark registration completed in 2023 positions Vidax to lead Korea’s stablecoin market.
South Korea is entering a new stablecoin phase. Vidax, a Busan-based digital asset company, plans to issue the KRW1 stablecoin backed by the Korean Won. The token will launch on Circle’s Arc network, a new blockchain platform by the U.S. fintech firm behind USDC.
The announcement, reported by Yonhap News, marks a fresh collaboration between Korean fintech and global crypto infrastructure. It’s a move that could reshape how Korean companies connect to the international digital asset market.
KRW1 Stablecoin Launches on Circle Arc Blockchain
According to BDACS, the parent company of Vidax, the partnership is now formal.
The firm confirmed that both sides have signed a memorandum of understanding (MOU) to issue KRW1 through Circle’s Arc network. This step follows Vidax’s completion of its KRW1 trademark registration in December 2023.
Circle’s Arc network aims to support stablecoin distribution across multiple jurisdictions using compliant frameworks.
By launching KRW1 on Arc, Vidax is aligning with a blockchain ecosystem designed for regulated financial use. The collaboration could allow seamless exchange between the Korean Won and Circle’s digital dollar infrastructure.
Circle has recently focused on expanding its stablecoin ecosystem through partnerships in Asia and Europe.
Integrating a Won-denominated token fits within its plan to link regional stablecoins into a unified digital payment layer. This partnership places Korea in that broader network, offering local users access to global liquidity channels.
Vidax’s CEO, Hongyeol Ryu, described the project as a “gateway” for Korean businesses looking to join the global stablecoin network. He emphasized that issuing KRW1 through Circle Arc is a step toward giving Korean companies more flexibility in cross-border settlements.
Circle and Vidax Strengthen Korea’s Position in Global Crypto Markets
The cooperation between Circle and Vidax arrives as the demand for stablecoins continues to grow across Asia.
Circle’s Arc blockchain, still in its early phase, is designed to support both institutional and retail users in a compliant environment. With KRW1 entering that system, Korea gains a native fiat-backed stablecoin that interacts smoothly with international networks.
The move could streamline conversions between major digital currencies and local fiat assets. This would also give Korean traders more access to decentralized finance protocols that rely on stablecoin liquidity.
The partnership also reflects South Korea’s broader effort to modernize its crypto infrastructure while maintaining regulatory oversight. BDACS, through Vidax, has positioned itself at the center of this shift, merging blockchain scalability with financial compliance.
According to Yonhap’s report, the KRW1 rollout represents more than a product launch. It’s part of a changing framework where national currencies meet programmable money under trusted networks.
The post KRW1 Stablecoin Launches on Circle’s Arc Network via Vidax appeared first on Blockonomi.
Source: https://blockonomi.com/krw1-stablecoin-launches-on-circles-arc-network-via-vidax/