BREAKING: Korea’s first won-backed stablecoin is going global with Rain, powered by Avalanche
Rain is integrating KRW1 into its global payments infrastructure, allowing businesses to launch won-denominated cards that can be used across 175M+ Visa merchant locations worldwide.
The Korean won represents nearly $3T in broad money, yet has historically remained largely within Korea’s borders.
KRW1 was launched by @BDACSKorea in partnership with Woori Bank, with its issuance infrastructure built on Avalanche.
Now, @raincards is giving its tokenized counterpart a path into global commerce, with Avalanche working underneath it.
Gross Chain Product told us how much value the Avalanche ecosystem produces.
Gross Chain Income tells us where that value goes.
Eric maps it all out and sets the agenda for what comes next.
Worth reading carefully 👇
https://t.co/Nd0Fw6KX48
Really great insight from Eric about how the team is using data driven narratives to benefit the token.
Its not flashy, its not quick, but long term these solutions could place us above many other chains and tokens in the space.
At minimum if you've lost faith, this shows the foundation is actively working on solutions and there'd be no reason to do this if they weren't trying to align with token value accrual.
Today, we’re launching the Avalanche Payments Collective.
Founding participants include Franklin Templeton, VanEck, Anchorage Digital, Paxos, Agora, Ethena, Rain, Axiym, Tassat, and others spanning the payments stack.
The Collective brings together companies spanning stablecoins, settlement, treasury infrastructure, foreign exchange, custody, card issuance, business payments, asset management, and global payouts.
Why?
Because the future of payments requires more than faster transactions.
Moving money globally requires liquidity, settlement, compliance, treasury management, custody, foreign exchange, and local payment networks working together as one. 🔺
28 leading organizations supporting payment flows across 150+ countries, 96 currencies, and ~22 billion payout endpoints are building on Avalanche.
Over the last several years, Avalanche has quietly become home to one of the industry's broadest payments ecosystems.
Now, that ecosystem has a name.
Read more: https://t.co/6AMvwHGIax
https://t.co/fJv8rwnBqj
Founding Members:
AeraTech @Anchorage@AxiymFinance@brale_xyz@coreapp@dakota_xyz@ethena@FTDA_US@grovedotfinance@krakenfx@Lynq_Network@meshpay NHN KCP @nonco_otc OatFi @opentrade_io@Paxos@raincards@RequestFinance@rise_pay SETTL @StraitsX@tassatgroup@vaneck_us@WisdomTreeFunds@withAUSD@wyostable@zerohashx
.@LHBCrypto and the team are currently building the next chapter of Pharaoh.
Borrowing and Lending is on the way, but the devs are cooking up something even bigger right now. 👀👇