Won Stablecoin Enters RWA Settlement as Tokenized Treasury Crown Shifts
Focus of the Day
Injective brings the KRW-backed stablecoin KRW1 onchain, moving RWA settlement beyond the dollar for the first time as non-dollar rails become the next battleground. The tokenized Treasury race shifts shape: Ondo tops the platform ranking at $3B, BUIDL spans nine chains, and the market reaches $1.55B; DTCC’s tokenization service goes live, unlocking $114T in custody for 24/7 moves.
Industry Flash
10 items
KRW1 stablecoin enters RWA settlement — Injective × BDACS introduces a 1:1 KRW-backed stablecoin with reserves 100% held at Woori Bank and verified via bank API in real time, settling beyond the dollar
BUIDL expands to nine chains — Roughly 80% of the $2.17B supply sits off Ethereum, with Solana’s $872M leading; Ondo tops tokenized Treasury platforms at $3B
Tokenized Treasuries reach $1.55B — Ondo leads platforms at $3B and USYC remains the largest single product near $2.38B, yet DeFi usage still runs only 0.4%-2%
OKXICE opposition grows to 16 firms — Microsoft, Alphabet, Goldman Sachs, Qualcomm and McDonald’s add their names, as giants exit the first TSV trial under the innovation exemption
Tesla and SpaceX tokens total $364.5M — More than an eighth of all tokenized equities, led by SPCXb at $138.7M, held by 140k+ wallets, up 7.9x since January
DTCC tokenization service goes live — BlackRock, Goldman Sachs, JPMorgan and 25+ firms run in production as $114T of custodied securities move 24/7 outside business hours
BNY × Citadel settle triparty repo in minutes — A tokenized two-year Treasury settles on a major triparty platform, bringing tokenized assets into mainstream repo infrastructure
Wells Fargo rolls out tokenized deposits this fall — Targeting some $424B in corporate accounts, FDIC-insured, starting with USD-to-GBP payments, joining the clearing house network in 2027
Tokenized Treasuries become the cash magnet — Chainalysis puts them at $15.42B or 42.8% of onchain RWA, with Italy holding 29.9% versus just 10.5% at home in the US
Global DLT bond issuance hits a record — AFME reports EUR 8.1B, up 86%, tokenized assets at $39B are up 52% year over year, and Asia takes 54% of global issuance
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