Injective partners with BDACS to introduce the Korean Won stablecoin KRW1 into the RWA ecosystem.

On October 20 that, according to The Block, Injective has signed a memorandum of understanding with Korean digital asset custodian BDACS to designate its won-denominated stablecoin KRW1 as the exclusive won settlement asset for RWA and tokenized asset activities on the Injective network.

Both parties aim to enable tokenized assets to be traded and settled directly in won on the Injective network without the need for US dollar stablecoin intermediaries. Minting and redemption of KRW1 will be limited to approved institutional partners and remains subject to regulatory approval.

This partnership comes as South Korea pushes forward with its regulatory framework for won-denominated stablecoins. Citing data, both parties noted that US dollar stablecoins currently account for over 98% of the total stablecoin market cap, while South Korea's top five crypto exchanges have experienced stablecoin net outflows to overseas platforms for 18 consecutive months, totaling approximately $10.4 billion.