South Korea’s KRW1 stablecoin taps LayerZero for cross-chain expansion

BDACS has selected LayerZero’s Omnichain Fungible Token standard for its KRW1 stablecoin, giving the won-backed asset a unified cross-chain system as the company seeks to expand its use outside South Korea. Summary BDACS has selected LayerZero’s OFT standard to support cross-chain transfers of its Korean won-backed KRW1 stablecoin. KRW1 will maintain a unified supply across connected networks, with tokens debited on the source chain and credited on the destination chain. KRW1 remains backed 1:1 by Korean won held at Woori Bank as BDACS expands the stablecoin across blockchain networks. LayerZero said its OFT standard has processed $280 billion in lifetime transfers across more than 170 blockchains. LayerZero said BDACS, South Korea’s largest digital asset custodian by assets under custody, chose its OFT standard after reviewing options for making KRW1 natively interoperable across multiple blockchains. KRW1 already operates across several networks, including Ethereum, Avalanche and Circle’s Arc. BDACS said the separate deployments created friction when moving the stablecoin between networks, limiting its distribution and utility. The new setup is designed to maintain one KRW1 suppl...