Injective and BDACS partner for Korea's first won-backed stablecoin

Blockchain network Injective has signed a memorandum of understanding with digital asset custodian BDACS to integrate KRW1, South Korea's first stablecoin fully backed by the Korean won, into its ecosystem. The partnership aims to establish KRW1 as the primary won-denominated settlement asset for real-world assets (RWAs) and tokenization use cases on the Injective blockchain.

Currently, most onchain markets rely on US dollar-denominated stablecoins, which introduces foreign exchange exposure for Korean institutions. This gap has contributed to significant capital outflows, with South Korea’s five major exchanges reporting 18 consecutive months of net stablecoin outflows to offshore platforms, totaling approximately 14.9 trillion won.

KRW1 is designed to allow institutions to trade and settle tokenized assets directly in local currency. Minting and redemption of the stablecoin will be available to approved institutional partners, pending regulatory approval. The initiative aligns with South Korean government efforts to finalize the Digital Asset Basic Act, a legal framework intended to regulate won-backed stablecoins by the end of 2026.