Injective, BDACS sign MoU to settle tokenized assets in Korean won stablecoin

Injective and South Korean custody firm BDACS have agreed to make the won-backed stablecoin KRW1 the only won settlement asset for tokenized real-world assets on Injective’s network.

The two firms announced the deal on October 20, 2026. It gives Korean institutions a way to trade tokenized assets in won instead of relying on dollar stablecoins. 

What does the Injective-BDACS deal mean?

Injective and BDACS have signed a memorandum of understanding, naming KRW1, a won- backed stablecoin, as the won payment token for real-world assets on Injective. 

Under the agreement, KRW1 becomes the exclusive won-based settlement token for tokenization activity on Injective, a layer-1 blockchain. Tokenized assets would be paid for directly in won, with no need to swap into dollar stablecoins first.

Minting and redeeming KRW1 stays restricted to approved institutional partners and also depends on regulatory approval. In a post on X, Injective said the launch brings “one of the world’s largest currencies onchain.” It also noted that KRW1’s reserves are held at a major Korean bank.

Injective says it has handled more than $7.5 billion in real-world asset volume and has issued over $1 billion in tokenized assets. It has also been chosen by POSCO International (KRX: 047050) and LG CNS (KRX: 064400) to handle trade receivables linked to cross-border business.

BDACS is a registered virtual asset service provider in South Korea that builds custody and infrastructure for institutions. The firm reported more than 80 billion won in assets under custody in the first half of 2026, which is roughly $54 million.

BDACS launched KRW1 in September 2025 with Woori Bank, a unit of Woori Financial Group (KRX: 316140). Woori Bank holds the won backing the token in an escrow account. And at the time of its launch, KRW1 was South Korea’s first fully regulated won-backed stablecoin. The stablecoin first went live on Avalanche and later spread to Circle’s (NYSE: CRCL) Arc blockchain. 

In early October, BDACS showed an on-chain swap between KRW1 and the dollar stablecoin USDC on a test network, using Circle’s StableFX software. In February 2026, the blockchain platform Plume also added KRW1, as its first stablecoin not tied to the dollar.

Notably, Injective’s token, INJ, rose by about 1.8% around the announcement. 

Why does South Korea need a won settlement layer?

Almost every stablecoin in the world is tied to the U.S. dollar. Data shared by Injective and BDACS shows that dollar-backed tokens make up more than 98% of the total stablecoin market. 

This concentration has led to the country’s five biggest exchanges seeing more stablecoins leave for foreign platforms than come in for 18 months in a row. The total is about $10.4 billion. 

$367 million left Korean exchanges in June alone due to traders chasing products they could not get at home, such as overseas derivatives, tokenized assets, decentralized finance (DeFi) and staking.

Injective and BDACS say a won-based option could help keep that money in Korea. BDACS CEO Harry Ryoo stated that “without onchain won infrastructure,” Korean demand in tokenized markets will keep flowing into dollar tokens. He added that the partnership would explore how KRW1 can serve as a won settlement asset for tokenized markets, and that it would grow as Korea’s rules take shape.

South Korea’s government is currently drafting the Digital Asset Basic Act, which would set rules for won-denominated stablecoins. The bill is reportedly in its last round of government review and is headed for debate in the legislature in November 2026.

Separately, Korea’s Financial Services Commission has proposed letting stocks, bonds and funds trade in tokenized form starting February 4, 2027. Cryptopolitan’s earlier reporting says that the public can comment on that plan until November 11, 2026. 

Injective and BDACS say their partnership is built to follow these changes as they develop.