South Korea's digital asset custodian BDACS has selected LayerZero's OFT standard to enable cross-chain functionality for the KRW1 Korean won stablecoin.

BlockBeats News, September 8 - According to official sources, South Korean digital asset custodian BDACS has announced the selection of LayerZero's OFT (Omnichain Fungible Token) standard as the cross-chain interoperability solution for its Korean won stablecoin KRW1. KRW1, the first Korean won-backed stablecoin in South Korea, is currently deployed on Ethereum, Avalanche, and Circle's Arc. With the integration of OFT, KRW1 will further achieve native multi-chain expansion.

LayerZero stated that the OFT standard currently covers over 170 blockchains and processes approximately 87% of cross-chain transfer transaction volume, with cumulative transfer scale reaching $280 billion. After adopting this standard, KRW1 will be burned or deducted on the source chain and minted or added on the destination chain during cross-chain transfers, maintaining a unified supply and avoiding fragmented KRW1 liquidity across different chains. Stargate, LayerZero's cross-chain transfer application, will be responsible for executing the relevant cross-chain transfers.

BDACS stated that this move will provide a technical foundation for KRW1 to expand into markets beyond South Korea. The "Korean Won Internationalization Roadmap" released by South Korea in July 2026 proposed amending the Foreign Exchange Transactions Act to establish a legal foundation for Korean won-denominated stablecoins, as well as advancing measures such as offshore Korean won accounts and a 24-hour offshore Korean won settlement network. BDACS stated that KRW1 is currently backed by a 1:1 full reserve of Korean won held at Woori Bank and is subject to independent reserve attestation.