KRW1 Stablecoin Launch May Boost AVAX Price to $15

A new stablecoin called KRW1 has been launched on the Avalanche blockchain, backed by the Korean won. This partnership between BDACS and Rain will allow users to make purchases with KRW1 through Visa cards at over 175 million merchants across more than 200 countries.

KRW1 is fully backed by Korean won, with BDACS issuing and holding custody of the stablecoin. The reserves maintain a 100% deposited Korean won backing and undergo regular independent reserve attestations.

The potential impact on AVAX price could be significant, as stablecoins can bring new users into the crypto economy. If KRW1 adoption expands through Visa's global network, additional stablecoin activity could enter the broader crypto market through Avalanche.

AVAX has been rising since late June after finding support around $6, which aligned with the lower border of a multi-year falling wedge and acted as dynamic support. The next upside targets for AVAX price are $10 and $15, but if buyers fail to defend the $7 level in September, the setup could change quickly.