Injective, BDACS Sign MOU to Explore Won Settlement for Tokenized Assets

Injective and South Korean digital asset custodian BDACS signed an Oct. 20 agreement to explore using KRW1 to settle tokenized assets in won, a potential alternative to dollar stablecoins.

The memorandum of understanding covers a proposed use for KRW1 on Injective’s blockchain network. It does not establish a live won-settled market. BDACS issues KRW1, which is backed one-to-one by Korean won reserves.

Under the plan, tokenized assets could trade and settle directly in won rather than through a dollar stablecoin. Initial access would focus on approved institutional partners, subject to regulatory approval.

Over the 18 months through June 2026, five major South Korean crypto exchanges recorded about 14.9 trillion won (roughly $10.4 billion) in net stablecoin transfers to overseas platforms. The figure measures transfers between exchanges. It does not establish that the funds permanently left South Korea or that the absence of a won-backed stablecoin caused the transfers.

The agreement follows other institutional work on Injective. In July 2026, POSCO International and LG CNS selected the network to issue, transfer, administer and settle trade receivables.

The companies plan to work with Korean financial institutions as South Korea’s regulatory framework develops.