Injective partners with BDACS to make KRW1 its won settlement asset for tokenized markets

Injective has signed a memorandum of understanding with South Korean digital asset custodian BDACS to make KRW1, BDACS’s won-pegged stablecoin, the exclusive won-denominated settlement asset for real-world assets and tokenization on its network, The Block reported on October 20.

The partnership would let institutions trade and settle tokenized assets in Korean won on Injective instead of using US dollar stablecoins. Minting and redemption of KRW1 will initially be limited to approved institutional partners and remain subject to regulatory approval, according to Cointelegraph.

BDACS CEO Harry Ryoo said demand in tokenized markets will stay anchored to dollar stablecoins without onchain won infrastructure. Injective described the deal as a first step toward bringing native Korean won markets to its network.

Won stablecoins await Korea’s Digital Asset Basic Act

South Korean lawmakers are still working on the Digital Asset Basic Act, which would set rules for won-denominated stablecoin issuance, disclosures and markets. The government aims to finalize the legislation by the end of 2026.

US dollar-backed tokens account for more than 98% of total stablecoin market capitalization, and Korea’s five largest 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 that reported more than 80 billion won in assets under custody in the first half of 2026. Injective, a layer-1 network focused on tokenized assets, has processed more than $7.5 billion in RWA volume, and POSCO International and LG CNS have selected it for settling trade receivables.