Injective partners with BDACS to bring Korean won stablecoin to RWA ecosystem

The partnership aligns with South Korea's regulatory developments to establish a framework for Korean won-denominated stablecoins.

By Danny Park • Edited by James Hunt
Markets•October 20, 2026, 10:00AM EDT
GoogleMake us preferred
Injective partners with BDACS to bring Korean won stablecoin to RWA ecosystem

Quick Take

  • The partnership aims to enable trading and settlement of tokenized assets directly in Korean won on Injective, rather than routing through dollar-denominated stablecoins.
  • This move comes amid South Korea’s regulatory developments to establish a framework for Korean won-denominated stablecoins.

Injective Injective (INJ) has entered into a memorandum of understanding with BDACS to position KRW1, BDACS's Korean won-pegged stablecoin, as the exclusive won-denominated settlement asset for real-world assets and tokenization activity on the Injective network.

The collaboration aims to enable trading and settlement of tokenized assets directly in Korean won on Injective, rather than routing through dollar-denominated stablecoins. Minting and redemption of KRW1 will be limited to approved institutional partners and remain subject to regulatory approval. 

“Without onchain won infrastructure, demand in tokenized markets will remain anchored to dollar stablecoins," said Harry Ryoo, CEO of BDACS. "Through our partnership with Injective, we will explore how KRW1 can serve as a won settlement asset for tokenized markets, and we will expand our collaboration step by step as Korea's regulatory framework develops."

The stablecoin market remains overwhelmingly denominated in U.S. dollars, with USD-backed stablecoins accounting for over 98% of the total market capitalization. According to data cited by the companies, South Korea's top five crypto exchanges have recorded 18 consecutive months of net stablecoin outflows to overseas platforms, totalling about $10.4 billion.

Share of Fiat Stablecoin Supply (in USD) by Currency, without USD | The Block
Share of Fiat Stablecoin Supply (in USD) by Currency, without USD | The Block

Closing the gap

To close this gap, the South Korean government and lawmakers have been working on the Digital Asset Basic Act, which would establish a framework for won-denominated stablecoins. The bill is reportedly in its final stages of consultation within the government and scheduled for discussion at the national legislature next month. Injective and BDACS' partnership aims to match the regulatory developments.

BDACS, a registered virtual asset service provider in South Korea, focuses on providing digital asset infrastructure and custody to institutional clients. The firm reported more than 80 billion KRW in assets under custody in the first half of 2026.

Injective has previously been selected by major South Korean corporations POSCO International and LG CNS for the issuance, transfer, administration, and settlement of trade receivables tied to international commerce. According to Injective, the Layer 1 network has processed more than $7.5 billion in real-world asset volume and has seen more than $1 billion in tokenized assets issued on the network.

"This initiative marks the first step towards bringing native Korean won markets on Injective, with more to come as Korean institutions bring their assets onchain," Injective wrote. "This will directly be implemented across Injective’s wide array of onchain markets, with further updates expected as specific use cases go live."