Avalanche-Backed Stablecoin KRW1 Enters Global Payment Network
Avalanche's blockchain infrastructure has been used to support the expansion of KRW1, a stablecoin pegged to the South Korean won, into global payment networks. Through its partnership with Rain, KRW1 now allows users to make international transactions without converting their funds beforehand.
The integration connects tokenized won with card payments across over 175 million Visa merchant outlets worldwide, enabling Korean businesses and individuals to spend their won abroad. This development marks a significant step towards globalizing the use of the Korean won in digital payments.
Avalanche's role in supporting government digital infrastructure projects also continues to expand, including its planned integration with the UAE PASS system for national digital identity management. The project will utilize a dedicated Avalanche Layer 1 network, giving regulators control over permissions and privacy settings.