[Edaily Reporter Hyera Lee ] Aroot Co., Ltd.(096690)announced on the 20th that its Kazakhstani subsidiary, “Aroot Co., Ltd.,” has selected Alatau City Bank (ACB) as the custodian bank for the reserves of its stablecoin, “USDFT.”

Aroot Co., Ltd. has established the core infrastructure for issuing USDFT by securing a stablecoin issuance license from the Astana Financial Services Authority (AFSA)—the regulatory body of the Astana International Financial Center (AIFC)—as well as its own digital financial platform, “FORTA,” and the financial infrastructure for reserve management.
USDFT is a 100% reserve-backed stablecoin pegged 1:1 to the U.S. dollar (USD). Aroot Co., Ltd. plans to issue USDFT—which can be used for payments, remittances, and settlements after completing the relevant procedures—based on the U.S. dollars deposited in its reserve account.
The company has selected ACB as its first reserve custodian bank. ACB is a Kazakhstani commercial bank with total assets of approximately 12 trillion won as of the end of last year, and it uses BNY Mellon (Bank of New York Mellon), the world’s largest custodian bank, as its dollar correspondent bank. Aroot Co., Ltd. stated that it expects to be able to efficiently handle dollar deposits and withdrawals for USDFT reserves, as well as international fund settlements.
ACB is participating as a financial partner in the Alatau City development project being promoted by the Kazakhstani government. Based on this, Aroot Co., Ltd. plans to expand its partnerships in digital payments and financial services.
Aroot Co., Ltd. stated, “With the selection of this custodian bank for our reserves, we have secured the financial infrastructure for USDFT and now possess all the key elements required for actual issuance, including licensing, the platform, and the reserve management system,” adding "We plan to issue the USDFT after completing procedures such as depositing reserves, and to expand its use in the real economy—including B2B trade settlements and cross-border remittances and settlements—through collaboration with financial institutions, payment service providers, and global partners."