Injective partners with South Korea's BDACS to introduce the Korean won stablecoin KRW1 for RWA market settlement.

October 21: Injective has signed a memorandum of understanding with South Korean digital asset custodian BDACS, planning to introduce the Korean won stablecoin KRW1 into Injective's tokenized asset market and make it the exclusive Korean won settlement asset for real-world assets (RWA) on the platform, enabling institutions to directly trade and settle tokenized assets using Korean won and reducing reliance on U.S. dollar stablecoins.

BDACS stated that KRW1 is fully backed by Korean won reserves and will initially be open for minting and redemption only to approved institutional partners, with specific implementation still subject to regulatory approval.

The collaboration comes as South Korea advances its regulatory framework for Korean won stablecoins. The South Korean government plans to complete legislation related to the Digital Asset Basic Act by the end of 2026. Meanwhile, industry data shows that as of June this year, South Korea's five major crypto trading platforms had experienced 18 consecutive months of net stablecoin outflows. The global stablecoin market is still dominated by U.S. dollar stablecoins, which account for more than 99% of supply.