Switch to seedless. Get 30% off with SWITCH30 till Oct 21Injective and BDACS unveil Korean won stablecoin
6.8 Stablecoins Injective and BDACS launch KRW1, a Korean won-backed stablecoin, for tokenized asset settlement on Injective. The initiative targets institutions and awaits regulatory approval.
Injective has partnered with BDACS to launch KRW1, a stablecoin pegged to the South Korean won, as the exclusive settlement asset for real-world assets and tokenization on the Injective blockchain. This collaboration aims to facilitate trading and settlement of tokenized assets directly in Korean won, reducing dependence on US dollar stablecoins. KRW1 is fully backed by Korean won reserves, with minting and redemption initially available only to approved institutional partners, pending regulatory approval. The initiative supports South Korea’s efforts to establish a regulatory framework for local currency stablecoins under the proposed Digital Asset Basic Act, expected by the end of 2026. This move comes amid ongoing net stablecoin outflows from major South Korean crypto exchanges, totaling approximately $10.4 billion over 18 consecutive months. The partnership seeks to support local currency settlements and diversify stablecoin options within the crypto ecosystem.
