Injective and BDACS Sign Deal to Bring KRW1 Won Stablecoin to RWA Markets
Injective and South Korean custodian BDACS announced a deal to bring KRW1, a won-backed stablecoin held in escrow at Woori Bank, to Injective's RWA markets. Minting and redemption stay limited to approved institutions as Korea's Digital Asset Basic Act moves toward the legislature.
Tokenized assets on Injective may soon settle in Korean won rather than dollars. Injective and BDACS, a South Korean digital asset custodian, announced on October 20, 2026 a deal to integrate KRW1, a won-backed stablecoin, into Injective's real-world asset (RWA) network, enabling KRW1 trading and settlement there.
Accounts of the deal's terms differ. One describes it as a memorandum of understanding that would make KRW1 the exclusive won-denominated settlement asset for RWA and tokenization activity on Injective. Another calls it a strategic partnership and mentions neither exclusivity nor an MOU. The stated aim is to let tokenized assets trade and settle directly in won rather than routing through dollar-denominated stablecoins.
BDACS CEO Harry Ryoo framed the gap in dollar terms:
"Without onchain won infrastructure, demand in tokenized markets will remain anchored to dollar stablecoins,"
Harry Ryoo, CEO of BDACS
The numbers behind that argument are lopsided. USD-backed stablecoins make up more than 98% of total stablecoin 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.
Regulatory limits
KRW1 still awaits further regulatory approval. Minting and redemption will be limited to approved institutional partners and remain subject to that approval. The Digital Asset Basic Act, which would set a framework for won stablecoins, is reportedly in final government consultation and scheduled for discussion at the national legislature next month.
BDACS says it will expand the collaboration step by step as Korea's regulatory framework develops, which leaves the scope exploratory for now.
KRW1 is described as fully backed by won, with 100% of collateral held in escrow at Woori Bank and verified in real time through banking APIs. Its proof-of-concept wrapped up on September 18, 2025, on Avalanche alongside Woori Bank. The token has since spread to several chains, including Ethereum and BNB Chain, with cross-chain movement via LayerZero's OFT standard.
Adoption is early. On-chain KRW1 supply was approximately 13.67 million as of October 20, 2026, while earlier reports put total holdings at about 142 million KRW equivalent. Growth depends on whether trading venues and RWA issuers choose to price and settle in won.
Injective framed the deal as an opening move:
"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
Context
BDACS is a registered virtual asset service provider in South Korea and reported more than 80 billion KRW in assets under custody in the first half of 2026. Injective brings existing Korean corporate ties: POSCO International and LG CNS previously selected it for trade receivables issuance and settlement, as covered in our report on their live trade receivables tokenization pilot. Per Injective, the network has processed more than $7.5 billion in RWA volume and issued over $1 billion in tokenized assets.
For market participants, the practical test is regulatory. Pending approval, and with the Digital Asset Basic Act still under consultation, minting and redemption of KRW1 remain confined to approved institutions.
