Injective taps BDACS's KRW1 as its won stablecoin for RWAs

Layer-1 blockchain Injective has signed a memorandum of understanding with South Korean custodian BDACS to make KRW1, BDACS's won-pegged stablecoin, the exclusive Korean won settlement asset for real-world assets (RWAs) and tokenization on its network. The goal is to let tokenized assets trade and settle directly in won instead of being routed through dollar stablecoins, The Block reports.

What the deal covers

• Exclusive role: KRW1 would be the only won-denominated settlement asset for RWA and tokenization activity on Injective.
• Institutions only: minting and redeeming KRW1 will be limited to approved institutional partners, and remains subject to regulatory approval.
• Reserves: KRW1 is backed by won held in escrow at Woori Bank, with reserves checked through banking APIs, according to Crypto Briefing. The token's proof of concept ran on Avalanche with Woori Bank and finished in September 2025; it has since expanded to other chains, including Ethereum and BNB Chain, via LayerZero.
• It is an MOU, not a live product. BDACS CEO Harry Ryoo said the firms will "explore" KRW1 as a won settlement asset and widen the partnership step by step as Korean rules develop.

Why a won stablecoin matters

Dollar-backed coins make up more than 98% of stablecoin market value. According to figures cited by the companies, South Korea's five largest exchanges have seen 18 straight months of net stablecoin outflows to overseas platforms, worth about $10.4 billion. "Without onchain won infrastructure, demand in tokenized markets will remain anchored to dollar stablecoins," Ryoo said.

Lawmakers are working on the Digital Asset Basic Act, which would create a framework for won-denominated stablecoins. The bill is reportedly in its final stage of government consultation and due for discussion in the National Assembly next month. Korea is not alone: Japan's megabanks are piloting a yen stablecoin for similar reasons.

The two partners

• BDACS is a registered virtual asset service provider focused on custody for institutions. It reported more than 80 billion won in assets under custody in the first half of 2026.
• Injective says it has processed more than $7.5 billion in RWA volume and seen more than $1 billion in tokenized assets issued. POSCO International and LG CNS have previously picked the network to handle trade receivables from international commerce.

What to watch

The deal only becomes meaningful once Korea's stablecoin law passes and KRW1 gets approval to scale. Until then, it is a placeholder for a market that regulators are still designing, alongside other Korean policy fights such as the 2027 crypto tax rules.