Injective and BDACS link won stablecoin KRW1 to tokenized assets
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Injective has signed a strategic partnership with BDACS, a South Korean digital asset custodian, to bring the won-backed stablecoin KRW1 onto its network for trading and settlement within its real-world asset ecosystem, Cryptobriefing reported on October 20, 2026. The announcement describes the token as fully backed by Korean won collateral held in escrow at Woori Bank.
Cointelegraph, citing the same Tuesday announcement, described the arrangement as a memorandum of understanding under which KRW1 would serve as the exclusive won-denominated settlement asset for real-world assets on Injective, potentially letting institutions clear transactions without relying on US dollar stablecoins.
Key facts
- KRW1’s on-chain supply stood at approximately 13.67 million as of October 20, 2026, per Cryptobriefing.
- Earlier reports cited by Cryptobriefing put total holdings at about 142 million KRW equivalent.
- KRW1’s collateral is held in escrow at Woori Bank, with 100% of reserves there and verification performed in real time through banking APIs.
- Cointelegraph reported that minting and redemption would initially be limited to approved institutional partners, subject to regulatory approval.
- Injective’s native token had a market capitalization of roughly $887 million, according to CoinMarketCap data cited by Cointelegraph.
How KRW1 is backed and distributed
Cryptobriefing reported that KRW1’s reserve is checked against live bank data rather than a quarterly attestation. The token’s initial proof-of-concept wrapped up on September 18, 2025, and ran on the Avalanche network in a trial conducted alongside Woori Bank. Since then it has spread to several blockchains, including Ethereum and BNB Chain, with cross-chain movement relying on LayerZero’s OFT standard.
The two reports describe the deal at different stages. Cryptobriefing called it a strategic partnership; Cointelegraph called it a memorandum of understanding. Cointelegraph also reported the regulatory condition on minting and redemption, a detail that appears only in its account.
South Korea’s stablecoin rulebook
Cointelegraph reported that the agreement comes as South Korea develops rules for won-backed stablecoins under its proposed Digital Asset Basic Act, which the government aims to finalize by the end of 2026. The country’s five largest crypto exchanges recorded net stablecoin outflows for 18 consecutive months through June, according to industry data cited by Cointelegraph. Cryptobriefing noted that KRW1 is still awaiting further regulatory approval.
Injective, a layer-1 blockchain, has increasingly focused on tokenized assets. Cointelegraph reported that in August its institutional services arm registered with the US Securities and Exchange Commission as a transfer agent, allowing it to maintain ownership records and facilitate securities transfers.
Why it matters
A won-denominated settlement option removes foreign exchange exposure for Korean institutions settling on-chain, and BDACS as custodian sits in the middle of that bridge, providing the reserve transparency traditional finance players typically demand. For Injective, the partnership adds a non-dollar settlement currency to its RWA push; for BDACS, it is another distribution channel. Multi-chain reach through LayerZero means liquidity does not have to be rebuilt from scratch on every network.
With an on-chain supply of approximately 13.67 million, adoption is at an early stage. Growth will depend on whether trading venues and RWA issuers choose to price and settle in won.
What to watch
Watch for South Korea’s finalization of the Digital Asset Basic Act by the end of 2026 and for KRW1’s regulatory approval, which bears on when institutional minting and redemption can scale. A meaningful rise in KRW1’s on-chain supply after landing on Injective would signal real demand for won-based settlement.
This article does not constitute financial advice, and crypto markets are volatile and uncertain.
Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.
Sources: Crypto Briefing, Cointelegraph
