Injective has signed a memorandum of understanding with South Korean digital asset custodian BDACS to integrate KRW1, a won-pegged stablecoin, into its real-world asset ecosystem. Under the agreement, KRW1 will become the exclusive won-denominated settlement asset for RWA transactions on the Injective network, allowing tokenized assets to be traded and settled directly in Korean won rather than being converted into U.S. dollar-backed stablecoins first.
The rollout is deliberately institution-focused. KRW1 minting and redemption will be restricted to approved institutional partners and will remain subject to approval by South Korean regulators. The announcement comes as South Korea advances the Digital Asset Basic Act, draft legislation that would set rules for won-denominated stablecoins. The bill is in the final stages of government consultation and is expected to move to parliamentary discussions next month.
Injective framed the move as a step toward bringing one of the world's largest currencies onchain. In an announcement, the network noted that BDACS is issuing KRW1 as Korea's first won-backed stablecoin, with reserves held at a major Korean bank. The companies also highlighted that more than 98% of stablecoin market capitalization is currently tied to the U.S. dollar, while South Korea's five largest crypto exchanges recorded 18 consecutive months of net stablecoin outflows totaling roughly $10.4 billion to overseas platforms.
BDACS is a registered virtual asset service provider specializing in custody and institutional infrastructure. In the first half of 2026, it reported more than 80 billion won in assets under custody. Harry Ryoo, CEO of BDACS, said the company intends to use KRW1 to facilitate settlements of tokenized assets in local currency as regulations develop. Injective has already been selected by POSCO International and LG CNS to manage the issuance, transfer, and settlement of trade receivables linked to international commerce. According to the network, it has processed more than $7.5 billion in real-world asset transactions, with the value of tokenized assets issued on its infrastructure exceeding $1 billion.
