KRWO is a Fiat-backed Asset token backed by a voucher token, Open(Voucher), which can be exchanged on a one-to-one basis for Korean Won. It is designed to serve as a bridge that connects the real world to the Web3 ecosystem.

KRWO could be considered an asset-backed stablecoin, one of the safest types of stablecoins. Since it is fully backed by Fiat-backed Assets, you can redeem Korean Won by exchanging KRWO for Open(Voucher), or mint KRWO by purchasing Open(Voucher) with Korean Won.

Open(Voucher), a voucher that can be exchanged for Korean Won on a one-to-one basis, is issued by Open(Asset). It is designed to be used and transferred on the blockchain, allowing it to be freely utilized across various Web3 ecosystems beyond the Open(Voucher) service.

There are two main ways to obtain Open(Voucher):

• Purchase from the Open(Voucher) Service:
  The Open(Voucher) Service allows users to buy and refund Open(Voucher) in Korean Won via bank transfer. Anyone with a Korean bank account can deposit funds into the Open(Voucher) service and receive Open(Voucher) in return.
• Purchase from a DEX:
  Open(Voucher) is available on decentralized exchanges (DEX) for those without a Korean bank account. Crypto can be swapped for KRWO, which can then be exchanged for Open(Voucher) on GimSwap.

Since the exchange rate between KRWO and Open(Voucher) is 1:1, when Open(Voucher) is deposited, KRWO is minted and the Open(Voucher) is locked. Conversely, when KRWO is deposited, it is burned, and the corresponding Open(Voucher) is unlocked. This mechanism ensures there is no excess issuance of KRWO.