Injective has entered into a memorandum of understanding with BDACS to position KRW1 as the exclusive won-denominated settlement asset for real-world assets and tokenization activity on Injective. KRW1 is BDACS's Korean won-pegged stablecoin. The collaboration aims to enable trading and settlement of tokenized assets directly in Korean won, rather than through dollar-denominated stablecoins. KRW1 minting and redemption will be limited to approved institutional partners and remain subject to regulatory approval.
The move comes amid South Korea's regulatory developments to establish a framework for won-denominated stablecoins. BDACS CEO Harry Ryoo said demand in tokenized markets will remain anchored to dollar stablecoins without onchain won infrastructure. Ryoo said BDACS and Injective will explore how KRW1 can serve as a won settlement asset for tokenized markets. Ryoo said BDACS will expand the collaboration step by step as South Korea's regulatory framework develops.
U.S. dollar-backed stablecoins account for over 98% of total stablecoin market capitalization. Data cited by the companies showed that South Korea's top five crypto exchanges recorded 18 consecutive months of net stablecoin outflows to overseas platforms, totaling about $10.4 billion.
BDACS is a registered virtual asset service provider in South Korea that provides digital asset infrastructure and custody to institutional clients. BDACS reported more than 80 billion KRW in assets under custody in the first half of 2026. POSCO International and LG CNS previously selected Injective for the issuance, transfer, administration and settlement of trade receivables tied to international commerce. Injective said the Layer 1 network has processed more than $7.5 billion in real-world asset volume. Injective said more than $1 billion in tokenized assets has been issued on the network.
Injective described the initiative as the first step toward native Korean won markets on Injective, with more to come as Korean institutions bring assets onchain. Injective said the initiative will be implemented across Injective's wide range of onchain markets. Injective said further updates are expected as specific use cases go live.
Injective Partners with BDACS to Introduce Korean Won Stablecoin for RWA Ecosystem
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Summary
Injective has inked a deal with BDACS to launch KRW1, a Korean won-pegged stablecoin, as the go-to settlement asset for real-world assets and tokenization on the platform. This push aligns with South Korea’s evolving rules for won-based stablecoins and aims to cut reliance on dollar-pegged coins. KRW1 will be available only to approved institutions with proper clearances. BDACS, a licensed VASP, holds over 80 billion KRW in custody. Injective has handled $7.5 billion in RWA volume and issued over $1 billion in tokenized assets. Amid rising interest in altcoins to watch, the partnership hints at a broader shift in the fear and greed index as onchain won gains traction.
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