✓ Official source
Injective signs MOU to make BDACS’s KRW1 the won settlement asset for tokenized assets on its chain
Summary
Injective has signed a memorandum of understanding with South Korean digital-asset custodian BDACS to establish KRW1, BDACS’s Korean won-backed stablecoin, as the won-denominated settlement asset for real-world assets and tokenization on the Injective network, according to Injective’s announcement, The Block and Cointelegraph.
The aim is to let tokenized assets on Injective trade and settle directly in won rather than routing through U.S. dollar stablecoins; minting and redemption of KRW1 will be limited to approved institutional partners and remain subject to regulatory approval, both outlets reported.
It is an MOU, not a launch: BDACS CEO Harry Ryoo said the companies “will explore” how KRW1 can serve as a won settlement asset and expand the collaboration “step by step” as Korea’s regulatory framework develops, The Block reported.
The deal comes as South Korea works on the Digital Asset Basic Act, which would set rules for won stablecoins; The Block said the bill is reportedly scheduled for discussion in the legislature next month, while Cointelegraph said the government aims to finalize it by the end of 2026.
The outlets describe KRW1’s role slightly differently: The Block and Cointelegraph call it the “exclusive” won settlement asset on Injective, while Injective’s post calls it the “first.”
Key facts
- South Korea’s five largest crypto exchanges recorded 18 consecutive months of net stablecoin outflows to overseas platforms, totalling about $10.4 billion, according to data cited by the companies, The Block reported.
- BDACS is a registered virtual asset service provider in South Korea and reported more than 80 billion won in assets under custody in the first half of 2026, The Block said.
- Injective says its network has processed more than $7.5 billion in real-world asset volume and seen more than $1 billion in tokenized assets issued, according to The Block.
- Cointelegraph said Injective’s institutional services arm registered with the SEC as a transfer agent in August.
- Injective said assets issued through Injective Mint carry holder, jurisdictional and transfer controls at the protocol level, and that KRW1 will sit alongside the dollar USDC stablecoin already on the network.
- U.S. dollar stablecoins make up more than 98% of total stablecoin market capitalization, The Block said; Cointelegraph put the dollar share at more than 99% of supply.