Injective Partners with BDACS to Launch Won-Backed KRW1 Stablecoin for RWA Settlement

Blockchain network Injective has signed a memorandum of understanding with South Korean digital asset custodian BDACS to introduce a won-backed stablecoin to its tokenized asset markets. Under the agreement announced Tuesday, BDACS's KRW1 stablecoin will serve as the exclusive won-denominated settlement asset for real-world assets (RWAs) traded on Injective, enabling institutional participants to execute transactions in Korean won without depending on US dollar stablecoins. KRW1 is fully backed by Korean won reserves, with minting and redemption initially restricted to approved institutional partners pending regulatory clearance.

The partnership arrives as South Korea advances its Digital Asset Basic Act, a comprehensive regulatory framework governing stablecoin issuance, disclosures, and market conduct that the government aims to finalize by the end of 2026. Lawmakers continue to debate issuance criteria, while a July policy report from Hashed Open Research and the Solana Policy Institute urged interim licensing guidance and greater flexibility for stablecoin issuers during the legislative process. The regulatory push follows similar frameworks abroad, including the US GENIUS Act and the European Union's Markets in Crypto-Assets Regulation (MiCA).

Injective has steadily expanded its institutional footprint in tokenized finance. In August, the network's institutional services arm registered with the US Securities and Exchange Commission as a transfer agent, enabling it to maintain ownership records and facilitate securities transfers. Its native token carries a market capitalization of roughly $887 million, according to CoinMarketCap data. Meanwhile, South Korea's five largest crypto exchanges recorded net stablecoin outflows for 18 consecutive months through June, underscoring sustained demand for regulated domestic alternatives amid an industry where US dollar-backed tokens still represent more than 99% of the global stablecoin market.