Injective Injective (INJ) has signed a memorandum of understanding alongside BDACS to establish KRW1, the South Korean won-backed stablecoin created by BDACS, as the sole won-based settlement currency for real-world assets and tokenization operations across the Injective blockchain.
This alliance seeks to facilitate the exchange and clearing of tokenized instruments explicitly in South Korean won on Injective, avoiding the need to process transactions through greenback-pegged stablecoins. The creation and cashing out of KRW1 will be restricted to authorized institutional participants and will depend entirely on compliance with regulatory guidelines.
“Without onchain won infrastructure, demand in tokenized markets will remain anchored to dollar stablecoins,” remarked Harry Ryoo, chief executive officer of BDACS. “Through our partnership with Injective, we will investigate how KRW1 can function as a won settlement asset for tokenized markets, and we will broaden our cooperation progressively as South Korea’s regulatory environment evolves.”
The broader stablecoin sector continues to be dominated heavily by American dollars, with USD-linked stablecoins representing upwards of 98% of the aggregate market capitalization. Based on metrics referenced by the organizations, South Korea’s leading five cryptocurrency trading venues have documented 18 straight months of net stablecoin withdrawals toward foreign platforms, aggregating approximately $10.4 billion.
Closing the gap
To address this disparity, South Korean authorities and legislators have been developing the Digital Asset Basic Act, which intends to set up guidelines for won-pegged stablecoins. The legislation is reportedly approaching its final consultation phase inside the administration and is lined up for debate in the national parliament in the upcoming month. The alliance between Injective and BDACS is designed to align with these regulatory advancements.
BDACS, an officially recognized virtual asset service provider within South Korea, specializes in delivering digital asset infrastructure and custody solutions to corporate clients. The enterprise disclosed more than 80 billion KRW in assets under custody throughout the initial half of 2026.
Injective has earlier been chosen by prominent South Korean enterprises POSCO International and LG CNS for the creation, transfer, management, and clearing of trade receivables linked to global trade. As stated by Injective, the Layer 1 blockchain has handled upwards of $7.5 billion in real-world asset volume alongside more than $1 billion in tokenized instruments deployed on the blockchain.
“This endeavor signifies the initial phase toward establishing native South Korean won markets on Injective, with additional developments ahead as South Korean institutions migrate their assets onchain,” Injective stated. “This will be integrated directly across Injective’s extensive collection of onchain markets, with further announcements anticipated as distinct use cases go live.”
Originally published at https://www.theblock.co/news/markets/2026-10-20-injective-partners-bdacs-418883.
