First South Korea’s stablecoin backed by Korean won, KRWb has been officially launched by BXB Inc. 400 million KRWb coins have been released to the equivalent value of KRW.

According to The News Asia, the Korean stable coin is expected to list on Korean exchange Coblic and London-based exchange BEQUANT in the near future. The token can be stored and exchanged using Ethereum’s ERC20 protocol. “All KRWb tokens circulation are pegged to KRW fiat currency at a 1-to-1 ratio as a key mechanism to support price stability.” stated its whitepaper.

To prohibit the criminal possession of capital within Korean law, BXB company uses “supply partners”, which are parties to a lending contract, to provide market makers. Supply partners will deposit KRW in designated banking institutions to receive an equivalent of KRWb.

“We chose this method after a long legal review to issue a staple-denominated stowaway policy in a manner not covered by securities.” said Jiho Kang, a representative partner of BXB.