Injective and BDACS Partner to Deploy Won Stablecoin for Tokenized Assets

Layer-1 blockchain network Injective has signed a memorandum of understanding with South Korean digital asset custodian BDACS to integrate a won-backed stablecoin into its tokenized asset markets ¹. Announced on Tuesday, the agreement positions BDACS's KRW1 stablecoin as the exclusive won-denominated settlement instrument for real-world assets on Injective ¹. The arrangement aims to provide an alternative to US dollar-denominated settlement rails for institutional counterparties trading tokenized products ¹.

Under the partnership terms, KRW1 is fully backed by Korean won reserves ¹. Issuance and redemption of the stablecoin will be restricted initially to approved institutional partners and remain contingent on local regulatory clearance ¹. The move builds on previous regional tokenization efforts, such as when Kakaopay Securities and Dinari Partnered to Tokenize Korean Equities to expand domestic blockchain access. Injective has also expanded its regulated infrastructure; in August, its institutional services unit registered as a transfer agent with the US Securities and Exchange Commission, allowing it to maintain securities ownership records and manage transfers ¹. Injective's native token ($INJ) held a market capitalization of approximately $887 million at the time of the announcement ¹.

South Korean Stablecoin Framework Under Development

The initiative comes as South Korean authorities work toward finalizing the Digital Asset Basic Act by the end of 2026 ¹. The proposed statute intends to introduce a comprehensive regulatory regime encompassing tokenized asset market conduct, disclosure mandates, and stablecoin issuance criteria ¹. Policymakers continue to debate eligible issuer profiles for won-pegged tokens, prompted in part by a July policy report from Hashed Open Research and the Solana Policy Institute advocating for interim licensing paths and issuance flexibility ¹.

South Korea's regulatory deliberation follows major international frameworks, including the European Union's Markets in Crypto-Assets regulation and the US GENIUS Act ¹. Despite regional demand, the broader stablecoin sector remains dominated by dollar tokens, with US dollar-backed assets comprising over 99% of aggregate supply ¹. Concurrently, South Korea's top five crypto exchanges logged 18 straight months of net stablecoin outflows ending in June ¹.