Injective and BDACS partner to expand won stablecoin settlement in South Korea's tokenized asset market

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Injective & BDACS stablecoin partnership

Highlights

Injective and BDACS announced KRW1 will serve as the exclusive won-denominated settlement asset for tokenized assets on the Injective network, targeting institutional usage subject to regulatory approval.
South Korea's Digital Asset Basic Act, aimed at providing a framework for won-denominated stablecoins like KRW1, is in its final governmental consultation phase and will be discussed in the legislature next month.
South Korea's five largest crypto exchanges have experienced 18 consecutive months of net stablecoin outflows totaling about $10.4 billion to overseas platforms, reflecting persistent demand for dollar-backed tokens.

KRW1 settlement plan targets tokenized asset trading

As reported by The Block, Injective has signed a memorandum of understanding with BDACS to make KRW1, BDACS's Korean won-pegged stablecoin, the exclusive won-denominated settlement asset for real-world assets and tokenization activity on the Injective network.

The companies say the arrangement is intended to support trading and settlement of tokenized assets directly in Korean won instead of routing transactions through U.S. dollar stablecoins. Minting and redemption of KRW1 are limited to approved institutional partners and remain subject to regulatory approval.

Harry Ryoo, chief executive of BDACS, says tokenized market demand will remain tied to dollar stablecoins without on-chain won infrastructure. He adds that the companies will explore KRW1's role as a won settlement asset for tokenized markets and expand the partnership in stages as Korea's regulatory framework develops.

Injective says the initiative is the first step toward building native Korean won markets on its network. The company adds that the model is expected to be implemented across its on-chain markets as specific use cases go live.

Regulatory and market backdrop shapes rollout

South Korea's government and lawmakers are working on the Digital Asset Basic Act, which would create a framework for won-denominated stablecoins. The bill is reportedly in its final stage of consultation within the government and is scheduled for discussion at the national legislature next month.

The companies frame the partnership as aligned with that policy direction. The stablecoin market is still dominated by U.S. dollar-backed tokens, which account for more than 98% of total market capitalization, based on data cited by the companies.

They also point to sustained capital movement away from domestic platforms. According to the figures they cited, South Korea's five largest crypto exchanges have recorded 18 straight months of net stablecoin outflows to overseas platforms, totaling about $10.4 billion.

BDACS, a registered virtual asset service provider in South Korea, focuses on digital asset infrastructure and custody for institutional clients. The firm reports more than 80 billion KRW in assets under custody in the first half of 2026.

Injective says it has already been selected by POSCO International and LG CNS for issuance, transfer, administration and settlement of trade receivables linked to international commerce. According to Injective, its Layer 1 network has processed more than $7.5 billion in real-world asset volume and has seen more than $1 billion in tokenized assets issued.

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