Injective launches KRW1, a Korean won stablecoin backed 1:1 by assets at Korean banks, enabling RWA tokenization and onchain settlement in Korea's $5T stock market.
DeFi & Yields ·
Injective has launched KRW1, a stablecoin pegged 1:1 to the Korean won and backed by assets held at major Korean banks, to enable won-denominated onchain settlement and real-world asset tokenization. The move targets a market where over 16 million Koreans hold crypto accounts—roughly a third of the country's population—yet nearly all stablecoins in circulation are dollar-denominated, and $10.4 billion in stablecoins have migrated from Korean exchanges to offshore platforms over 18 consecutive months.
KRW1 allows tokenized RWAs to trade and settle directly in won on Injective's platform, where it operates alongside dollar-backed USDC and enables access to derivatives, foreign exchange, and bond markets. The protocol has already facilitated more than $7.5 billion in RWA volume, with POSCO International and LG CNS actively settling trade receivables onchain. Korean institutions can now bring assets onchain and structure them in won rather than requiring dollar conversion.
It remains unclear how quickly institutional adoption will scale, what regulatory framework governs the stablecoin's operation in Korea, and whether the won rails will materially shift capital flows back from offshore venues. The announcement positions Injective to capture settlement activity in Korea's $5 trillion stock market, though execution and market penetration remain untested.