Injective (@Injective) is bringing the Korean won onchain. The network has partnered with custodian @BDACSKorea to roll out $KRW1, a won-pegged stablecoin, as part of its real-world asset (RW
Injective (@Injective) is bringing the Korean won onchain. The network has partnered with custodian @BDACSKorea to roll out $KRW1, a won-pegged stablecoin, as part of its real-world asset (RWA) ecosystem. $INJ is the native token of the network.
According to The Block, Injective has signed a memorandum of understanding with BDACS to position KRW1 as the exclusive won-denominated settlement asset for RWA and tokenization activity on the network. The aim is for tokenized assets to be traded and settled directly in won, rather than routed through dollar-denominated stablecoins.
The arrangement is limited in scope for now. Minting and redemption of KRW1 will be restricted to approved institutional partners and remain subject to regulatory approval, The Block reported. Local outlet coverage also notes the tie-up should be read as a collaboration under exploration rather than a stablecoin already live for settling assets on the network, according to DiarioBitcoin.
On the backing, Crypto Briefing reports that KRW1 is fully backed by Korean won, with the collateral held in escrow at Woori Bank and verified in real time through banking APIs. Its initial proof of concept ran on Avalanche and concluded on September 18, 2025, Crypto Briefing said.
BDACS CEO Harry Ryoo said that without onchain won infrastructure, demand in tokenized markets will remain anchored to dollar stablecoins, per The Block.
The push comes as stablecoins keep leaving South Korea's domestic exchanges. Data from the Financial Supervisory Service shows net outflows from Upbit, Bithumb, Coinone, Korbit and Gopax to overseas platforms for 18 consecutive months, totaling about $10.4 billion, according to CoinPaprika's report on the data. The series began in January 2025, and June 2026 was the 18th straight month of net outflows.
A report by RedStone and Kaia attributes the flow to the lack of a won-based stablecoin, saying local investors use dollar stablecoins as a substitute for trading and moving funds in global markets, as reported by DigitalToday. Not all analysts draw that causal link. TokenPost notes the figures track movements between domestic and overseas exchanges and do not establish that funds permanently left Korea or that the absence of a won stablecoin caused the transfers.
Regulation is still catching up. Crypto Economy reports that South Korea is working on the Digital Asset Basic Act, which would set rules for won-denominated stablecoins, and that the bill is in the final stages of government consultation.
Injective described the move as a first step toward native won markets on the network, with more to follow as Korean institutions bring assets onchain, according to KuCoin News.
The Block: Injective partners with BDACS to bring Korean won stablecoin to RWA ecosystem
Crypto Briefing: Injective partners with BDACS to bring KRW1 stablecoin to its RWA ecosystem
CoinPaprika: South Korea's 18-month stablecoin exodus deepens
