4.2 The Digital Money: Stablecoin, and CBDC

Private issuers are still working out where they fit within the regulatory framework. Most are still in testing like KRW1, launched by custodian BDACS with Woori Bank on Avalanche in September 2025, with each token backed 1:1 by won held in escrow, and a second deployment now testing on Circle’s Arc network. For now, it remains a proof of concept rather than a product, with a market cap of around $97,000 and only a handful of holders a useful reminder that the rails are real, but the volume is not (yet).