TheBlock
Injective (INJ) has signed a memorandum of understanding with BDACS to make KRW1 the exclusive won-denominated settlement asset for real-world assets and tokenization activity on the Injective network. The plan would let tokenized assets trade and settle directly in Korean won instead of relying on dollar stablecoins. Minting and redemption would be limited to approved institutional partners and remain subject to regulatory approval.
Why it matters
The partnership addresses a structural gap in the stablecoin market. U.S.-dollar-backed stablecoins account for more than 98% of total stablecoin market capitalization, while South Korea's five largest crypto exchanges have recorded 18 consecutive months of net stablecoin outflows to overseas platforms, totaling about $10.4 billion.
BDACS CEO Harry Ryoo said onchain won infrastructure is needed to prevent tokenized-market demand from remaining anchored to dollar stablecoins. The company is a registered South Korean virtual asset service provider focused on institutional custody and infrastructure, and reported more than 80 billion KRW in assets under custody in the first half of 2026.
Market impact
The initiative lines up with South Korea's Digital Asset Basic Act, which is intended to establish a framework for won-denominated stablecoins and is scheduled for discussion in the national legislature next month. The timing gives KRW1 a potential regulatory path, but the project remains dependent on approvals and institutional adoption.
Injective says its network has processed more than $7.5 billion in real-world asset volume and hosted more than $1 billion in issued tokenized assets. It has also worked with POSCO International and LG CNS on trade-receivables issuance, transfer, administration and settlement. KRW1 would extend that institutional focus into native won markets as specific use cases go live.
Frequently asked questions
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What is Injective's partnership with BDACS intended to enable?
The partnership is intended to enable tokenized real-world assets on Injective to trade and settle directly in Korean won using KRW1.
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What is KRW1?
KRW1 is BDACS's Korean won-pegged stablecoin. The partnership would position it as the exclusive won-denominated settlement asset for tokenized activity on Injective.
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Who will be allowed to mint and redeem KRW1?
Minting and redemption will be limited to approved institutional partners and will remain subject to regulatory approval.
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Why does South Korea need a won-denominated settlement asset?
Dollar-backed stablecoins account for more than 98% of stablecoin market capitalization. South Korea's five largest exchanges have also recorded 18 consecutive months of net stablecoin outflows overseas.
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How large is Injective's existing real-world asset activity?
Injective says its network has processed more than $7.5 billion in real-world asset volume and hosted more than $1 billion in issued tokenized assets.
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