Injective and BDACS Plan Korean Won Stablecoin for Tokenized Asset Trading

TLDR

• Injective signed a memorandum of understanding with South Korean custodian BDACS to bring the KRW1 won stablecoin to its tokenized asset markets.
• KRW1 would be the exclusive won settlement asset for real-world assets on Injective.
• Minting and redemption would start with approved institutional partners and need regulatory approval.
• South Korea aims to finalize its Digital Asset Basic Act by the end of 2026.
• South Korea’s top five crypto exchanges have seen 18 straight months of net stablecoin outflows, about $10.4 billion.

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Injective has signed a memorandum of understanding with BDACS, a South Korean digital asset custodian. The deal aims to bring a won-backed stablecoin to Injective’s tokenized asset markets.

🔥BREAKING: The Korean won is being tokenized on Injective.

Injective is bringing one of the world’s largest currencies onchain for our rapidly growing RWA ecosystem.@BDACSKorea is issuing KRW1, Korea’s first won backed stablecoin, with reserves held at a major Korean bank. pic.twitter.com/xbH870x8jB

— Injective 🥷 (@injective) October 20, 2026

The stablecoin is called KRW1. It would be the exclusive won-denominated settlement asset for real-world assets on the network.

Institutions could trade and settle tokenized assets directly in Korean won. They would not need to rely on US dollar stablecoins.

BDACS says KRW1 is fully backed by Korean won reserves. Minting and redemption would first be limited to approved institutional partners. This remains subject to regulatory approval.

How the Deal Works

BDACS CEO Harry Ryoo said demand in tokenized markets will stay tied to dollar stablecoins without onchain won infrastructure. He said the firms will explore how KRW1 can serve as a settlement asset.

Ryoo added that the companies will expand their work step by step. That will depend on how Korea’s regulatory framework develops.

The announcement came Tuesday. Injective said it is the first step toward native Korean won markets on its network.

BDACS is a registered virtual asset service provider in South Korea. It provides digital asset infrastructure and custody to institutional clients. The firm reported more than 80 billion won in assets under custody in the first half of 2026.

Injective is a layer-1 blockchain that has focused on tokenized assets. It has processed more than $7.5 billion in real-world asset volume. More than $1 billion in tokenized assets have been issued on the network.

South Korean companies POSCO International and LG CNS have also selected Injective. They use it to issue, transfer, administer and settle trade receivables tied to international commerce.

In August, Injective’s institutional services arm registered with the US Securities and Exchange Commission as a transfer agent. That allows it to keep ownership records and facilitate securities transfers.

Injective’s native token has a market capitalization of about $887 million, according to CoinMarketCap.

South Korea’s Stablecoin Rules

South Korea is developing rules for won-backed stablecoins under its proposed Digital Asset Basic Act. The government aims to finalize the law by the end of 2026. The act would cover stablecoin issuance, disclosures and market rules.

Lawmakers are still debating who can issue won-backed stablecoins. A July report by Hashed Open Research and the Solana Policy Institute called for more flexibility in issuance. It also asked for interim licensing guidance.

US dollar-backed tokens make up more than 98% of the stablecoin market by capitalization. South Korea’s five largest crypto exchanges have recorded 18 straight months of net stablecoin outflows. The outflows total about $10.4 billion.

The Digital Asset Basic Act is reportedly in the final stages of government consultation. It is scheduled for discussion at the national legislature next month.