News about INJ

Injective and BDACS, a South Korean digital asset custodian, have signed a memorandum of understanding to bring KRW1, a won-backed stablecoin, into Injective's tokenized asset markets. According to the announcement, KRW1 would be the exclusive won-denominated settlement asset for real-world assets (RWAs) on Injective, letting institutions trade and settle tokenized assets directly in won instead of relying on US dollar stablecoins. BDACS says KRW1 is fully backed by won reserves, and initial minting and redemption will be limited to approved institutional partners, subject to regulatory approval. The deal comes as South Korea builds rules for won-backed stablecoins under its proposed Digital Asset Basic Act, which the government aims to finalize by the end of 2026, while the country's five largest crypto exchanges recorded net stablecoin outflows for 18 consecutive months through June. Injective's native token has a market capitalization of roughly $887 million, and the article notes that US dollar-backed tokens still make up more than 99% of total stablecoin supply.