KRW1 Stablecoin Integrates with Rain for Global Payments
- KRW1, South Korea’s first won-backed stablecoin, is now integrated with Rain for global payments.
- Businesses can accept cards issued in won at over 175 million Visa merchant locations worldwide.
- The stablecoin is pegged at a rate of 1 KRW1 to the South Korean won, backed by reserves held by BDACS and Woori Bank.
- Users can transact without prior conversion, facilitating payments for business expenses and cross-border activities.
- The Korean won’s broad money supply is nearly $3 trillion, but its usage has been limited to the local economy until now.
The integration of KRW1 into Rain’s payment network marks a significant step in extending won-based payments into international markets, addressing the needs of businesses and individuals requiring access to funds outside South Korea.
This development allows users to utilize KRW1 seamlessly across global platforms, enhancing transactional capabilities significantly as it links directly to card-based spending without currency conversion.(Source)
