# Overview

<figure><img src="https://3248486362-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FdJBX68erurtqSF4qszYb%2Fuploads%2FkJEinWCl7Cz7N5Ui5MmC%2F%E1%84%8B%E1%85%B5%E1%84%86%E1%85%B5%E1%84%8C%E1%85%B5%20%E1%84%80%E1%85%A9%E1%86%BC%E1%84%8B%E1%85%B2_%E1%84%80%E1%85%B5%E1%86%B7%E1%84%89%E1%85%B3%E1%84%8B%E1%85%AA%E1%86%B8.png?alt=media&#x26;token=efde14d2-82e7-43ef-81d7-25bf5f9eec12" alt=""><figcaption></figcaption></figure>

The project tokenizes **fiat-backed assets** into a **Korean Won stablecoin**, known as **KRWO**, to create a more reliable and blockchain-friendly ecosystem for applications. KRWO, a Korean Won stablecoin similar to USDT and USDC, is issued on the [Kaia Network](https://www.kaia.io/) and [BNB Network](https://www.bnbchain.org/en) to enable seamless Korean Won transactions across the Internet, bridging Web2 and Web3 environments.

{% hint style="info" %}
What is Fiat-backed Asset (FBA)?&#x20;

**Fiat-backed Assets** are assets that hold an equivalent value to fiat currency and can be deposited into or withdrawn from the FBA provider platform in equivalent amount.
{% endhint %}

{% hint style="info" %}
What is Korean Won stablecoin?

**Korean Won Stablecoin** is a cryptocurrency pegged to the Korean Won (KRW), designed to maintain price stability. GimSwap ensures that its stablecoin, KRWO, is backed by fiat currency at a 1:1 ratio, offering resistance to price volatility.
{% endhint %}


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