Injective (INJ)partners with BDACS on KRW1 won-backed stablecoin

Injective (INJ)said on 2026-10-20 that it has partnered with BDACS, the issuer of KRW1, in a memorandum of understanding to explore KRW1 as a Korean won settlement asset for real-world assets and tokenization use cases within the Injective ecosystem. The companies said the effort is aimed at bringing a won-denominated settlement layer to onchain finance, with access initially focused on approved institutional partners subject to regulatory approval.

Evidence and context

According to Injective’s announcement, KRW1 is fully backed 1:1 by Korean won reserves and was presented as Korea’s first stablecoin backed by the won. The company said the collaboration would allow tokenized assets on Injective to trade and settle directly in won rather than routing through dollar stablecoins, which it framed as a way to reduce foreign-exchange exposure for Korean institutions and investors.

The announcement cited broader stablecoin and market conditions to support the case for a local settlement asset. Injective said total onchain stablecoin supply reached a record $322 billion in May 2026 and referenced a Citi base-case projection of $1.9 trillion by 2030. It also said Korea’s five major exchanges have recorded 18 straight months of net stablecoin outflows to offshore platforms since January 2025, totaling about 14.9 trillion won, or roughly $10.4 billion, according to the company’s statement.

Injective and BDACS said the work will include cooperation with Korean financial institutions and further adoption of KRW1 across Injective’s markets as Korea’s regulatory framework develops. The announcement said the government aims to finalize the Digital Asset Basic Act by the end of 2026, while the Bank of Korea has pushed for banks to anchor the market. Those policy references were included by Injective and have not been independently verified in the source material.

The deal follows a series of institutional and infrastructure developments around Injective. The company said it processed more than $7.5 billion in RWA volume and has issued more than $1 billion in tokenized assets on the network. In July 2026, it said POSCO International and LG CNS selected Injective to issue, transfer, administer and settle live trade receivables. Recent upgrade notices from Injective also show a Meridian mainnet upgrade on 2026-09-18 and an emergency v1.20.4-bl.2 patch on 2026-09-28 without a chain halt.

There is one material limitation in the available evidence: the source announcement describes the partnership and intended use of KRW1 on Injective, but the reviewed material does not independently establish a live integration at the time of publication. The source material also distinguishes KRW1 from Injective’s native token, INJ. As of 2026-10-20, enrichment data listed KRW1 at $0.0007428, while noting that KRW1’s official live networks were Ethereum, Avalanche and Arc, not Injective.