Today, Injective is proud to announce that it has partnered with BDACS, the issuer of KRW1, Korea's first stablecoin fully backed by the Korean won. Under a memorandum of understanding (MOU) signed by both companies, the two teams will work together to establish KRW1 as the first won-denominated settlement asset for real-world assets (RWAs) and tokenization use cases within the Injective ecosystem.

The cooperation brings together a fully reserved won stablecoin and a blockchain purpose-built for finance, with a focus on institution-ready use cases for won-denominated onchain markets.

A Won-Denominated Settlement Layer for Onchain Finance

Stablecoins have become the settlement layer of onchain finance. Total supply across onchain markets reached a record $322 billion in May 2026, and Citi projects $1.9 trillion by 2030 in its base case.

Nearly all of that supply is denominated in dollars. In Korea, that gap shows up as capital leaving the country. Korea’s five major exchanges have posted 18 straight months of net stablecoin outflows to offshore platforms since January 2025. The total is about 14.9 trillion won, or roughly $10.4 billion. Korean investors want onchain markets, and many would prefer to access them in won.

Korea is one of the most active digital asset markets in the world, yet tokenized assets in Korea have largely lacked one key piece. They have had no way to settle onchain in Korean won. Without a KRW settlement asset, tokenized products are typically priced and settled in USD stablecoins, which adds FX exposure for Korean institutions and investors.

KRW1 was designed to fill that gap. Issued by BDACS, KRW1 is fully backed 1:1 by the Korean won. Minting and redemption will be available to approved institutional partners, subject to regulatory approval.  

The timing matches Korea’s policy direction. The government aims to finalize the Digital Asset Basic Act, the legal framework for won stablecoin issuance, by the end of 2026. The Bank of Korea has pushed for banks to anchor that market.

What the Collaboration Unlocks

Bringing KRW1 to Injective opens the door to won-denominated finance onchain.

  • A native Korean won onchain. KRW1 joins the Injective ecosystem, giving builders and institutions a fully reserved won stablecoin alongside Injective’s native dollar-denominated USDC stablecoin issued alongside Circle.
  • KRW markets for tokenized assets. Tokenized RWAs on Injective will be able to trade and settle directly in Korean won, without routing through USD.
  • A path onchain for Korean institutions. BDACS and Injective will work with Korean financial institutions to bring their assets onchain, settled in KRW1.
  • Compliance built into every asset. Assets issued through Injective Mint carry holder, jurisdictional, and transfer controls at the protocol level, so won-settled markets can be configured around each issuer’s requirements.
  • Growing Korea’s onchain economy. Joint initiatives will expand KRW1 adoption across the Injective ecosystem and the Korean community.

“Bringing a Korean won settlement layer onchain is an important step for tokenized finance in Korea,” said Eric Chen, Co-founder of Injective. “Together with BDACS, we are building the foundation for Korean won markets onchain, from tokenized RWAs to institutional settlement.”

Why Injective

Injective is purpose-built for finance, with native infrastructure for trading, tokenization, and stablecoins. More than $7.5 billion in RWA volume has been processed on Injective, and more than $1 billion in tokenized assets have been issued on the network.

Korea’s largest companies are already building on it. In July 2026, POSCO International, South Korea’s largest trading company, and LG CNS, the technology arm of LG Group, selected Injective to issue, transfer, administer, and settle live trade receivables generated by international commerce. Four Pillars, the Korean research and infrastructure firm, operates an institutional validator on the network.

Recent milestones include Injective Institutional Services becoming an SEC-registered transfer agent and Pineapple Financial tokenizing more than $1 billion in mortgage records onchain. Injective’s native USDC stablecoin issued by Circle is now set to be the canonical stablecoin standard for more than 20 blockchains including Cosmos and dYdX, cementing Injective’s position at the center of onchain stablecoins.

“Without onchain won infrastructure, demand in tokenized markets will remain anchored to dollar stablecoins," said Harry Ryoo, CEO of BDACS. "Through our partnership with Injective, we will explore how KRW1 can serve as a won settlement asset for tokenized markets, and we will expand our collaboration step by step as Korea's regulatory framework develops."

This makes Injective a natural environment to test how a won stablecoin can support compliant tokenized asset markets, from issuance through secondary trading.

What Comes Next

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. This will directly be implemented across Injective’s wide array of onchain markets with further updates expected as specific use cases go live.

About BDACS

BDACS is a leading digital asset infrastructure company providing a Prime Custody Solution for corporate and institutional clients. In the first half of 2026, BDACS surpassed 80 billion KRW in assets under custody, making it Korea's largest digital asset custodian. A registered virtual asset service provider (VASP) with the Korea Financial Intelligence Unit, BDACS holds SOC 1, ISO 27001 and ISMS certifications. BDACS issued the world's first Korean won stablecoin, KRW1. BDACS also maintains strategic partnerships with leading financial and Web3 companies.

About Injective

Injective is the first blockchain purpose-built for finance, enabling users, institutions, and AI agents to trade, tokenize, and transact at scale. Proudly made in America, Injective provides foundational blockchain infrastructure for global markets, with embedded financial primitives spanning stablecoins, real-world assets, payments, and programmable perpetuals through a unified onchain engine. Injective is used by Fortune 500 companies, banks, fintechs, and governments to power an open economy where any asset can be accessed anytime, from anywhere. Builders can deploy across multiple virtual machines like WASM and EVM, connect to native financial modules, and launch markets with deep liquidity from day one. INJ is the native token powering the rapidly growing Injective ecosystem and the new internet economy.

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