Blockchain network Injective and South Korean digital asset custodian BDACS signed a memorandum of understanding to bring BDACS’s won-backed KRW1 stablecoin to Injective’s tokenized asset markets. Under the agreement, KRW1 would be the exclusive won-denominated settlement asset for real-world assets on Injective, potentially letting institutions settle trades without US dollar stablecoins. BDACS says KRW1 is fully backed by Korean won reserves, but minting and redemption would initially be limited to approved institutional partners and require regulatory approval.
South Korea is still debating who may issue won-backed stablecoins under a proposed law that the government aims to finalize by the end of 2026.
