Injective partners with BDACS to bring Korean won stablecoin to RWA ecosystem
The move comes amid South Korea's regulatory developments to establish a framework for Korean won-denominated stablecoins.
Injective and BDACS have entered a memorandum of understanding to introduce a won-backed stablecoin, KRW1, for tokenized asset markets in South Korea. This move could enable institutions to settle transactions in Korean won, bypassing the use of US dollar stablecoins. BDACS's KRW1 stablecoin will be the sole won-denominated settlement asset for real-world assets (RWAs) on Injective's blockchain.
KRW1 is fully backed by Korean won reserves, with minting and redemption initially restricted to approved institutional partners pending regulatory approval. South Korea is actively developing rules for won-backed stablecoins under its proposed Digital Asset Basic Act, expected to be finalized by the end of 2026. In the meantime, South Korea's five largest crypto exchanges have experienced net stablecoin outflows for 18 consecutive months.
Injective is a layer-1 blockchain platform increasingly focusing on tokenized assets, with its institutional services arm recently registered with the US Securities and Exchange Commission as a transfer agent. The stablecoin market in Asia remains predominantly dollar-denominated, with US dollar-backed tokens making up over 99% of the total supply.
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