KRW1, the South Korean won-backed stablecoin, is expanding globally through a Visa partnership covering over 175 million merchants in over 200 countries. The model relies on bank reserves held by Woori Bank, with BDACS handling issuance and Avalanche providing the settlement layer. Current circulation stands at approximately 142 million KRW1 tokens, worth roughly $105,195, indicating modest scale. Rain, the issuer, has already launched over 130 programs for KRW1-enabled cards targeting travel, corporate expenses, and cross-border payouts. Despite this expansion, limited liquidity and low transaction volumes raise questions about the stablecoin’s ability to evolve into a true global payment network.
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