South Korea · Cointelegraph
Injective, BDACS plan Korean landed stablecoin settlement for tokenized assets
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Injective and BDACS plan to bring won-backed stablecoin KRW1 to tokenized asset markets as South Korea develops a regulatory framework for local currency stablecoins.
Key facts
- South Korea’s efforts follow the passage of the US GENIUS Act, which established a federal regulatory framework for payment stablecoins, and the European Union’s Markets in Crypto-Assets Regulation
- 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
- Industry data shows the stablecoin market remains overwhelmingly dollar-denominated, with US dollar-backed tokens accounting for more than 99% of the total supply
- Injective is a layer-1 blockchain that has increasingly focused on tokenized assets
Summary
Blockchain network Injective has entered into a memorandum of understanding with South Korean digital asset custodian BDACS to bring a won-backed stablecoin to its tokenized asset markets, potentially allowing institutions to settle transactions without relying on US dollar stablecoins. According to a Tuesday announcement, BDACS’s KRW1 stablecoin would serve as the exclusive won-denominated settlement asset for real-world assets (RWAs) on Injective, allowing institutions to trade and settle tokenized assets directly in Korean won. 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. Injective is a layer-1 blockchain that has increasingly focused on tokenized assets.