Dollar-pegged coins hold over 98% of the stablecoin market, and Korea's top five exchanges saw about $10.4 billion in net stablecoin outflows to offshore venues over 18 straight months. Injective now wants local-currency rails: it has signed an MoU with Korean custodian BDACS to make the KRW1 stablecoin the exclusive won-denominated settlement asset for RWAs and tokenization on its network.

The setup lets tokenized assets trade and settle directly in Korean won instead of routing through USD stablecoins. KRW1 minting and redemption stay limited to approved institutional partners and remain subject to regulatory approval.

Injective has processed more than $7.5B in RWA volume and issued over $1B in tokenized assets on its Layer 1.

BDACS, a registered Korean VASP, reported over 80B KRW in assets under custody in H1 2026. The deal lines up with Korea's Digital Asset Basic Act, which would create a framework for won stablecoins; the bill is in final government consultation, with parliament set to discuss it next month.