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ZEC $1,269 Injective and BDACS plan won stablecoin settlement for tokenized assets
The two firms signed a memorandum of understanding to make BDACS's KRW1 the exclusive won settlement asset for real-world assets on Injective.
Key takeaways
- Deal is a plan. The memorandum of understanding sets out KRW1 as the exclusive won settlement asset for tokenized assets on Injective.
- Outflows are large. Korean exchanges logged 18 consecutive months of net stablecoin outflows, roughly 14.9 trillion won (~$10.4 billion), since January 2025.
- Dollar tokens dominate. US dollar-backed tokens account for more than 99% of total stablecoin supply, according to industry data.
What happened
Injective signed a memorandum of understanding with BDACS, a South Korean digital asset custodian. The plan makes BDACS's KRW1 stablecoin the exclusive won-denominated settlement asset for real-world assets on Injective, so institutions could trade and settle tokenized assets in Korean won.
BDACS says KRW1 is fully backed by Korean won reserves, held 1:1 at a major South Korean bank. Minting and redemption would start with approved institutional partners and remain subject to regulatory approval.
Injective co-founder Eric Chen called an onchain won settlement layer an important step for tokenized finance in Korea. BDACS CEO Harry Ryoo said that without onchain won infrastructure, demand in tokenized markets will stay anchored to dollar stablecoins.
First $7.77Latest $8.79+13.1% over the period
Points are daily observations, not closing prices.
Why it matters
Most tokenized assets settle in US dollar stablecoins, and dollar-backed tokens make up more than 99% of total stablecoin supply. A won settlement option could let Korean institutions settle onchain without converting through dollar tokens.
South Korea's five largest crypto exchanges recorded net stablecoin outflows for 18 consecutive months through June, according to industry data cited by Cointelegraph. CoinGape put the outflows at roughly 14.9 trillion won (~$10.4 billion) since January 2025.
The agreement depends on Korean rules. The government aims to finalize its proposed Digital Asset Basic Act, which covers won-backed stablecoins, by the end of 2026. Lawmakers are still debating who can issue such tokens.
What the data shows
Injective says it has processed more than $7.5 billion in RWA volume and hosts over $1 billion in tokenized assets. In August, its institutional services arm registered with the US SEC as a transfer agent.
In July 2026, POSCO International and LG CNS selected Injective to issue, transfer, administer and settle live trade receivables from international commerce. CoinGape also reported that INJ rallied 9% after the transfer agent registration.
Injective's native token has a market capitalization of roughly $887 million, according to CoinMarketCap data cited by Cointelegraph. Market data put the INJ price at $8.79 at the time of writing.
What is still unclear
- KRW1's launch timing is not stated. Minting and redemption remain subject to regulatory approval, and the Digital Asset Basic Act is still being drafted.
- South Korea is still debating which entities may issue won-backed stablecoins, so the final rules for KRW1 are not settled.
Questions readers ask
What is KRW1?
KRW1 is a Korean won-backed stablecoin issued by BDACS. Under the memorandum of understanding, it would serve as the exclusive won settlement asset for tokenized real-world assets on Injective.
Is KRW1 available to anyone?
No. Minting and redemption would initially be limited to approved institutional partners and remain subject to regulatory approval.
Why does a won stablecoin matter for Injective?
Most tokenized assets settle in dollar stablecoins, which account for more than 99% of total stablecoin supply. A won settlement layer could let Korean institutions settle tokenized trades in local currency.
When will South Korea finalize its stablecoin rules?
The government aims to finalize the proposed Digital Asset Basic Act by the end of 2026. Lawmakers are still debating who can issue won-backed stablecoins.
