{"id":"krwq","title":"KRWQ","content":"**KRWQ** is a fully fiat backed [stablecoin](https://iq.wiki/wiki/stablecoin) designed to maintain a 1:1 peg with the South Korean Won (KRW). Launched on October 30, 2025 by [IQ](https://iq.wiki/wiki/iq) and [Frax Finance](https://iq.wiki/wiki/frax-finance), it is the first Korean won-pegged tradeable [stablecoin](https://iq.wiki/wiki/stablecoin) on the [Base](https://iq.wiki/wiki/base) network and the first to utilize [LayerZero](https://iq.wiki/wiki/layerzero)'s [Omnichain Fungible Token (OFT)](https://iq.wiki/wiki/oft-omnichain-fungible-token) standard for native cross-chain functionality. The [stablecoin](https://iq.wiki/wiki/stablecoin) was designed in anticipation of forthcoming [stablecoin](https://iq.wiki/wiki/stablecoin) legislation in South Korea; at launch, it was not marketed to residents of the country and its minting was restricted to eligible institutional partners. [\\[2\\]](#cite-id-xw0FDAr6Jr) [\\[3\\]](#cite-id-Uz5aH1px7y) [\\[5\\]](#cite-id-RQ2wdPfYAn)​\n\nBy the end of 2025, KRWQ surpassed 4 billion won in total trading volume. The milestone coincided with the activation of AERO emissions on [Aerodrome](https://iq.wiki/wiki/aerodrome-finance), expanding incentives for the KRWQ-USDC pool on [Base](https://iq.wiki/wiki/base) and supporting deeper liquidity.  [\\[8\\]](#cite-id-XLWZejnA4U2USfyr) \n\nIn December 2025, KRWQ joined Frax's [FraxNet](https://iq.wiki/wiki/fraxnet), a unified infrastructure for cross-chain stablecoin settlement, and launched on the [Ethereum](https://iq.wiki/wiki/ethereum) mainnet. [\\[11\\]](#cite-id-AKbWxfxkxsagGrwr)  [\\[16\\]](#cite-id-oZN8JXcvupXHTmkr) \n\n## Overview\n\nKRWQ is a [stablecoin](https://iq.wiki/wiki/stablecoin) pegged to the South Korean Won, launched in October 2025 through a partnership between [IQ](https://iq.wiki/wiki/iq) and [Frax Finance](https://iq.wiki/wiki/frax-finance). [\\[2\\]](#cite-id-xw0FDAr6Jr) [\\[3\\]](#cite-id-Uz5aH1px7y) KRWQ was the first Korean won-pegged [stablecoin](https://iq.wiki/wiki/stablecoin) to launch on [Coinbase](https://iq.wiki/wiki/coinbase)'s [Ethereum](https://iq.wiki/wiki/ethereum) [Layer 2](https://iq.wiki/wiki/layer-2) [Base](https://iq.wiki/wiki/base) network. [\\[2\\]](#cite-id-xw0FDAr6Jr) [\\[6\\]](#cite-id-EfLaf0hlQB)​\n\nThe project was created to address inefficiencies in Korea's financial infrastructure, including a high reliance on USD for cross-border trade, and the lack of a regulator-friendly, won-denominated stablecoin for on-chain institutional use. [\\[4\\]](#cite-id-nJPrHnZ2Yq) [Navin Vethanayagam](https://iq.wiki/wiki/navin-vethanayagam), co-founder of [IQ AI](https://iq.wiki/wiki/iq-ai), stated, \"KRWQ fills a critical gap in the market. While USD-backed stablecoins dominate today, no credible won-denominated [stablecoin](https://iq.wiki/wiki/stablecoin) has ever launched at scale.\" [\\[5\\]](#cite-id-RQ2wdPfYAn)​\n\nKRWQ is not a [Central Bank Digital Currency (CBDC)](https://iq.wiki/wiki/central-bank-digital-currency-cbdc). The project's primary objective is to offer a transparent and efficient digital representation of the KRW that facilitates 24/7, low-cost transactions across multiple [blockchain](https://iq.wiki/wiki/blockchain) networks. The [stablecoin](https://iq.wiki/wiki/stablecoin) is designed to be fully backed by KRW reserves. [\\[1\\]](#cite-id-zyHl2QGxmu) [\\[4\\]](#cite-id-nJPrHnZ2Yq) [\\[5\\]](#cite-id-RQ2wdPfYAn)​\n\nKRWQ is the first KRW stablecoin available for trading on the [OKX](https://iq.wiki/wiki/okx) platform and [Coinbase](https://iq.wiki/wiki/coinbase) DEX. [\\[7\\]](#cite-id-2wr15sKsicnd15Ka) In November 2025, KRWQ surpassed 1 billion won in total trading volume less than a month after launch. [\\[8\\]](#cite-id-XLWZejnA4U2USfyr)​[\\[9\\]](#cite-id-ZPhRSC0zZBpndZfw)​\n\nIn December 2025, KRWQ joined the [Circle](https://iq.wiki/wiki/circle) Alliance Program, a global community of teams focused on bringing the world on-chain, powered by [USDC](https://iq.wiki/wiki/usdc). [\\[10\\]](#cite-id-XPYsq2F0GC4ovNmD) \n\n## Technology\n\n### Multi-chain Architecture\n\nTo enhance accessibility, reduce transaction costs, and improve scalability, the project has adopted a multi-chain strategy, utilizing [LayerZero](https://iq.wiki/wiki/layerzero)'s [Omnichain Fungible Token](https://iq.wiki/wiki/oft-omnichain-fungible-token) (OFT) standard and the [Stargate](https://iq.wiki/wiki/stargate-finance) bridge to allow for transfers across different blockchains. [\\[2\\]](#cite-id-xw0FDAr6Jr) [\\[3\\]](#cite-id-Uz5aH1px7y) By deploying on multiple blockchains, KRWQ allows users to transact on the network that best suits their needs regarding speed, cost, and security. [\\[1\\]](#cite-id-zyHl2QGxmu) [Bryan Pellegrino](https://iq.wiki/wiki/bryan-pellegrino), Co-Founder and CEO of [LayerZero](https://iq.wiki/wiki/layerzero) Labs, commented on the launch, stating, \"KRWQ is an important step toward a more connected global financial system. [LayerZero](https://iq.wiki/wiki/layerzero)'s interoperability makes it possible for fiat-backed assets like the Korean won to exist natively across chains.\" [\\[5\\]](#cite-id-RQ2wdPfYAn)​\n\nThe [stablecoin](https://iq.wiki/wiki/stablecoin) is currently live on the following networks:\n\n* **Ethereum (Layer 1):** `0xc00db6b41473d065027f5ed6fada20fde75f142e`\n* **Base (Layer 2):** `0x370923D39f139C64813f173a1bf0b4f9Ba36a24f`\n\nThe project has also announced plans to expand its presence to other scaling solutions to further improve transaction efficiency. Planned future deployments include: [\\[1\\]](#cite-id-zyHl2QGxmu)\n\n* [Giwa](https://iq.wiki/wiki/giwa) (L2)\n* [Kaia](https://iq.wiki/wiki/kaia) (L1)\n* [Fraxtal](https://iq.wiki/wiki/fraxtal) (L2)\n\nThis expansion onto other networks is aimed at leveraging their lower [gas](https://iq.wiki/wiki/gas) fees and faster confirmation times compared to the [Ethereum](https://iq.wiki/wiki/ethereum) [mainnet](https://iq.wiki/wiki/mainnet). [\\[1\\]](#cite-id-zyHl2QGxmu)​\n\n## Use Cases\n\nKRWQ is designed for several primary applications that leverage its 24/7 availability, programmability, and low cost to address inefficiencies in Korea's financial infrastructure. [\\[4\\]](#cite-id-nJPrHnZ2Yq)\n\n* **Outbound Remittances:** KRWQ facilitates near-instant, low-cost cross-border payments, offering a significant improvement over traditional bank wires which can take 1-5 business days and incur costs of 5-12%. The stablecoin targets critical remittance corridors from Korea to Southeast Asia, China, and Japan. [\\[4\\]](#cite-id-nJPrHnZ2Yq)\n* **Cross-Border B2B Settlement:** For Korea's vast trade market, the stablecoin allows Korean merchants to pay international suppliers with near-instant settlement. This contrasts with legacy systems that cause operational delays and high FX spreads. Smart contracts can be used to automate payments, such as releasing funds from escrow upon verifiable proof of delivery, which reduces counterparty risk and frees up working capital. [\\[4\\]](#cite-id-nJPrHnZ2Yq)\n* **Institutional On-Chain FX & Hedging:** The stablecoin provides 24/7 on-chain KRW liquidity, enabling market makers, funds, and corporations to hedge their exposure to the Korean won without being constrained by traditional banking hours or requiring domestic banking relationships. This function aims to unlock a portion of the significant capital held by Korean crypto users for use in the global DeFi ecosystem. [\\[4\\]](#cite-id-nJPrHnZ2Yq)\n* **Treasury Operations and Commerce:** Businesses can use KRWQ to program vendor payouts and internal transfers on a single rail. It also allows merchants to price goods in KRW while settling payments globally in seconds. [\\[1\\]](#cite-id-zyHl2QGxmu)\n\n## Roadmap\n\nThe development of KRWQ follows a clear, four-phase roadmap designed to build trust, scale liquidity, and achieve full integration with the domestic financial system. [\\[4\\]](#cite-id-nJPrHnZ2Yq)​\n\n### Phase 1 – Launch & Foundational Liquidity\n\nThis initial phase included the deployment of the USDC-backed token on the [Base](https://iq.wiki/wiki/base) network with transparent reserves and the establishment of the initial liquidity pool on the Aerodrome decentralized exchange.\n\n### Phase 2 – Attestation & Reserve Diversification\n\nCompleted in 2025, this phase involved appointing a qualified auditing firm to provide independent monthly attestations of reserves. It also marked the beginning of the transition of reserve assets to a portfolio of short-term Korean Treasury Bonds, Korean won money market securities, and Korean won held in segregated, bankruptcy-remote custody.\n\n### Phase 3 – Institutional Expansion (2026)\n\nBeginning in 2026, this phase is dedicated to deepening the Treasury Bill reserve backing, securing listings on additional exchanges, and integrating with remittance providers, Payment Service Providers (PSPs), and institutional Over-The-Counter (OTC) desks to scale utility and liquidity.\n\n### Phase 4 – Regulated Banking Integration (2026–2027)\n\nThe final phase involves partnering with regulated Korean banking institutions to enable direct, native KRW wire-in and wire-out for minting and redemption. This is intended to achieve the project's goal of creating a seamless, fully compliant bridge between the traditional Korean financial system and the global on-chain economy.\n\n## 1B in Volume Milestone\n\nIn November 2025, KRWQ surpassed ₩1 billion in total trading volume, becoming the first Korean won-pegged [stablecoin](https://iq.wiki/wiki/stablecoin) to reach this milestone less than a month after its launch. The achievement was announced on November 19, 2025, and coincided with the activation of AERO emissions on [Aerodrome](https://iq.wiki/wiki/aerodrome-finance). This was intended to expand incentives for the KRWQ-USDC [liquidity pool](https://iq.wiki/wiki/liquidity-pool) on the [Base](https://iq.wiki/wiki/base) network and support deeper liquidity. [\\[8\\]](#cite-id-XLWZejnA4U2USfyr) [\\[9\\]](#cite-id-ZPhRSC0zZBpndZfw)​\n\nCommenting on the achievement, [Navin Vethanayagam](https://iq.wiki/wiki/navin-vethanayagam) of [IQ](https://iq.wiki/wiki/iq) stated, \"Crossing one billion won in trading volume so quickly shows the market's need for a Korean won [stablecoin](https://iq.wiki/wiki/stablecoin).\" [\\[9\\]](#cite-id-ZPhRSC0zZBpndZfw) [Sam Kazemian](https://iq.wiki/wiki/sam-kazemian) of [Frax Finance](https://iq.wiki/wiki/frax-finance) added that the \"early momentum shows how new fiat-backed stablecoins can integrate seamlessly with global DeFi liquidity.\" [\\[8\\]](#cite-id-XLWZejnA4U2USfyr)​\n\n## Dave Shin Appointed as COO\n\nOn November 25, 2025, KRWQ announced the appointment of finance and [blockchain](https://iq.wiki/wiki/blockchain) executive [Dave Shin](https://iq.wiki/wiki/dave-shin) as its new Chief Operating Officer (COO) to help accelerate the [stablecoin](https://iq.wiki/wiki/stablecoin)'s expansion. [\\[14\\]](#cite-id-ntyBStHBUlNlpulo) [\\[15\\]](#cite-id-PCAocxEVQJpD0I5M)​\n\nShin brings over fifteen years of senior experience from both traditional finance (TradFi) and the blockchain industry. His background includes roles at TD Bank, Barclays and Morgan Stanley. In the blockchain sector, he held leadership roles at [LayerZero](https://iq.wiki/wiki/layerzero) Labs, [Klaytn](https://iq.wiki/wiki/klaytn), [Immutable](https://iq.wiki/wiki/immutable-x), and [Tezos](https://iq.wiki/wiki/tezos). Shin is also the author of the globally published Wiley book, [*The Web3 Era*.](https://iq.wiki/wiki/the-web3-era) [\\[14\\]](#cite-id-ntyBStHBUlNlpulo)​\n\nAs COO, Shin is responsible for KRWQ's operational buildout and its integration with exchanges, liquidity providers, and institutional workflows. Upon his appointment, Shin noted that KRWQ provides \"a digitally-settled alternative that collapses settlement risk, reduces balance-sheet usage, and enables continuous mark-to-market liquidity.\" [\\[14\\]](#cite-id-ntyBStHBUlNlpulo)​\n\n​[Navin Vethanayagam](https://iq.wiki/wiki/navin-vethanayagam) of [IQ](https://iq.wiki/wiki/iq) stated that Shin has \"a rare combination of experience\" in both finance and [blockchain](https://iq.wiki/wiki/blockchain), making him ideal for KRWQ's expansion phase. Frax founder [Sam Kazemian](https://iq.wiki/wiki/sam-kazemian) added that Shin's expertise \"make him the ideal person to lead KRWQ’s operations.\" [\\[14\\]](#cite-id-ntyBStHBUlNlpulo)​\n\n## Joining Fraxnet\n\nOn December 10, 2025, KRWQ integrated with [Frax](https://iq.wiki/wiki/frax-finance)'s [FraxNet](https://iq.wiki/wiki/fraxnet), a unified infrastructure for cross-chain [stablecoin](https://iq.wiki/wiki/stablecoin) settlement. The collaboration between Frax and [IQ](https://iq.wiki/wiki/iq) was established to create a regulated and capital-efficient KRW-USD settlement rail for global investors. As part of the launch, KRWQ became available on the [Ethereum](https://iq.wiki/wiki/ethereum) [mainnet](https://iq.wiki/wiki/mainnet), complementing its existing deployment on [Base](https://iq.wiki/wiki/base). [\\[11\\]](#cite-id-AKbWxfxkxsagGrwr) [\\[16\\]](#cite-id-oZN8JXcvupXHTmkr) \n\nA KRWQ–[frxUSD](https://iq.wiki/wiki/frxusd) [liquidity pool](https://iq.wiki/wiki/liquidity-pool) was also launched on [Uniswap](https://iq.wiki/wiki/uniswap) V4 to serve as the primary on-chain foreign exchange (FX) market between the two stablecoins. The integration routes KRWQ through FraxNet's system for managing stablecoins across multiple blockchain networks. [\\[11\\]](#cite-id-AKbWxfxkxsagGrwr) [\\[12\\]](#cite-id-qEtBLIkVuyYf4J7A)​\n\n​[Sam Kazemian](https://iq.wiki/wiki/sam-kazemian), Founder and CEO of Frax, stated that the integration \"expands this framework to the Korean won and shows how global currencies can participate in regulated stablecoin infrastructure.\" [Dave Shin](https://iq.wiki/wiki/dave-shin), COO of KRWQ, added that the move \"gives Korea its first true stablecoin settlement rail...This creates a compliant KRW–USD corridor that finally reflects how global Korea has become.\" [Navin Vethanayagam](https://iq.wiki/wiki/navin-vethanayagam) of [IQ](https://iq.wiki/wiki/iq) also commented, \"With KRWQ live on [Ethereum](https://iq.wiki/wiki/ethereum) and fully integrated with the Frax ecosystem, the won now has [stablecoin](https://iq.wiki/wiki/stablecoin) rails that match its global reach.\" [\\[11\\]](#cite-id-AKbWxfxkxsagGrwr) [\\[13\\]](#cite-id-6JssRmsAuwMDmQYC) [\\[16\\]](#cite-id-oZN8JXcvupXHTmkr)\n\n## Autonomint Integration\n\nIn January 2026, KRWQ integrated with Autonomint to launch the first high-yield solution for a non-USD stablecoin. The collaboration allows users to deposit KRWQ as collateral, mint Autonomint's USDA+ stablecoin, and earn yield on the position. This mechanism also enables users to hedge KRWQ's price volatility against the US dollar. [\\[20\\]](#cite-id-YaPSt7l3MAHBPHXR)​\n\n## KRWQ Launches on Codex\n\nOn January 27, 2026, the on-chain foreign exchange (FX) protocol [Codex](https://iq.wiki/wiki/codex) announced the launch of KRWQ on its platform. This integration marks a significant expansion of on-chain FX capabilities by introducing a major Asian currency to the [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) ecosystem. The launch provides KRWQ with immediate liquidity through a KRWQ/USDC liquidity pool and enables use cases such as efficient cross-border remittances, the creation of KRW-denominated trading pairs, and use as collateral in lending and borrowing protocols.[\\[21\\]](#cite-id-MB8NBL4K9FjNnauJ)​\n\n## Coverage\n\n### Messari's \"Crypto Theses 2026\"\n\nIn December 2025, KRWQ was featured in Messari's \"Crypto Theses 2026\" report. The report highlighted the project as the first multichain Korean won [stablecoin](https://iq.wiki/wiki/stablecoin) utilizing [LayerZero](https://iq.wiki/wiki/layerzero)’s [Omnichain Fungible Token (OFT)](https://iq.wiki/wiki/oft-omnichain-fungible-token) standard. [\\[17\\]](#cite-id-7o35Bk44ypKTtMcL)​\n\n### The FraxFeed Interview\n\nOn December 20, 2025, KRWQ co-founder [Navin Vethanayagam](https://iq.wiki/wiki/navin-vethanayagam) appeared on FraxFeed podcast to discuss the KRWQ stablecoin. [\\[18\\]](#cite-id-kjPAtlfZAcL8UstQ) The interview emphasized the strategic partnership between [IQ](https://iq.wiki/wiki/iq) and [Frax Finance](https://iq.wiki/wiki/frax-finance), which formed the foundation for KRWQ. The collaboration combines [IQ](https://iq.wiki/wiki/iq)'s AI tools and knowledge of the Korean market with Frax's established stablecoin architecture and DeFi expertise. [\\[19\\]](#cite-id-r6D0eg11FEHCjlja) During the interview, Vethanayagam noted that the project's primary strategy is to attract the large Korean won offshore institutional foreign exchange (FX) market. [\\[19\\]](#cite-id-r6D0eg11FEHCjlja) [\\[18\\]](#cite-id-kjPAtlfZAcL8UstQ)​\n\n### Korea JoongAng Daily\n\nKRWQ was featured in the *Korea JoongAng Daily*, the English edition of one of South Korea's largest newspapers, *The JoongAng*. The article, published on January 12, 2026, highlighted KRWQ as the first won-pegged stablecoin and noted that its total trading volume surpassed 1 billion won in less than two weeks after its launch. [\\[22\\]](#cite-id-ses2En1Ltjy37PVW)​","summary":"KRWQ is a fully fiat backed stablecoin designed to maintain a 1:1 peg with the South Korean Won (KRW). 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