LayerZero Supports Multi-Chain for KRW1 Stablecoin

LayerZero, a blockchain interoperability infrastructure company, is supporting the multi-chain functionality of the KRW1 stablecoin. By applying LayerZero's Omni-Chain Fungible Token (OFT) standard, KRW1 can be transferred across multiple blockchains without the need for separate wrapping tokens. On the 8th, LayerZero announced that it would apply the OFT standard to KRW1, issued by digital asset infrastructure company BDACS. KRW1 is a stablecoin pegged to the Korean won at a 1:1 value. BDACS deposits the Korean won reserves corresponding to the issuance amount in domestic commercial banks and conducts reserve status disclosures and independent audits. With the application of OFT, KRW1 will be able to move across various networks supported by LayerZero. OFT is a token standard designed by LayerZero that allows a single digital asset to be used as the same asset across multiple blockchains. In existing cross-chain environments, the original asset is locked on one blockchain while a corresponding wrapping token is issued on another chain. By applying OFT, the need to create separate wrapping tokens for each chain is reduced, allowing for consistent management of asset supply across multiple blockchains. The cross-chain transfer of KRW1 will utilize the Stargate application based on LayerZero. As a result, the scope of KRW1's utilization is expected to expand beyond its current limits.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.