Injective Partners with BDACS to Launch Won-Backed Stablecoin for Tokenized Asset Settlements
Blockchain platform Injective has signed a memorandum of understanding with South Korean digital asset custodian BDACS to introduce a stablecoin pegged to the Korean won into its tokenized asset markets. This initiative aims to enable institutions to conduct transactions without relying on US dollar–pegged stablecoins.
According to a Tuesday announcement, BDACS's stablecoin called KRW1 will be the sole won-denominated settlement currency for real-world assets (RWAs) on Injective's platform. This arrangement allows institutional traders to execute transactions and settle tokenized assets directly using Korean won.
BDACS states that each KRW1 token is fully backed by reserves in Korean won. Initially, the issuance and redemption of KRW1 will be restricted to approved institutional partners and will be subject to regulatory authorization and oversight.
This agreement arrives amid South Korea’s ongoing efforts to establish regulations for won-backed stablecoins through the proposed Digital Asset Basic Act, which the government aims to implement by the end of 2026. Meanwhile, data cited by Cointelegraph indicates that the country’s top five crypto exchanges have experienced net outflows of stablecoins for 18 straight months as of June.
Injective is a layer-1 blockchain increasingly focused on tokenized assets. In August, its institutional services division registered with the US Securities and Exchange Commission as a transfer agent, enabling it to track ownership and facilitate securities transfers. According to CoinMarketCap, Injective’s native token has a market capitalization of about $887 million.
South Korea is still considering which entities will be authorized to issue won-backed stablecoins while lawmakers finalize the Digital Asset Basic Act. A July report from Hashed Open Research and the Solana Policy Institute advocated for more flexible stablecoin issuance policies and interim licensing during the law’s development. The proposed legislation aims to create a comprehensive framework covering stablecoin issuance, disclosure requirements, and market regulations.
South Korea’s regulatory initiatives follow recent developments abroad, including the US GENIUS Act establishing a federal regulatory framework for payment stablecoins and the European Union’s Markets in Crypto-Assets Regulation (MiCA), which governs stablecoin issuers.
Industry data reflects that the stablecoin market is still predominantly denominated in US dollars, with dollar-backed stablecoins making up over 99% of the total supply. "],
why
This collaboration between Injective and BDACS marks a significant step toward integrating won-backed stablecoins within tokenized asset trading, supporting South Korea’s broader regulatory efforts and potentially reducing reliance on US dollar–based stablecoins in the region.
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Why it matters
The partnership enables direct settlement in Korean won for tokenized assets, aligning with South Korea’s evolving stablecoin regulations and contributing to diversification beyond dollar-backed stablecoins.
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