{"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. [\\[2\\]](#cite-id-xw0FDAr6Jr) [\\[3\\]](#cite-id-Uz5aH1px7y) [\\[5\\]](#cite-id-RQ2wdPfYAn)​\n\nIn November 2025, KRWQ surpassed 1 billion won in total trading volume less than a month after launch. 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 and supporting deeper liquidity. [\\[9\\]](#cite-id-XLWZejnA4U2USfyr) [\\[10\\]](#cite-id-ZPhRSC0zZBpndZfw)​\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 DEX. [\\[8\\]](#cite-id-2wr15sKsicnd15Ka) In November 2025, KRWQ surpassed 1 billion won in total trading volume less than a month after launch. 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 and supporting deeper liquidity.   [\\[9\\]](#cite-id-XLWZejnA4U2USfyr)​[\\[10\\]](#cite-id-ZPhRSC0zZBpndZfw)​\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 Layer 2 scaling solutions to further improve transaction efficiency. Planned future deployments include:\n\n* [Giwa](https://iq.wiki/wiki/giwa)\n* [Optimism](https://iq.wiki/wiki/optimism)\n* [Scroll](https://iq.wiki/wiki/scroll)\n* Linea\n\nThis expansion onto [Layer 2](https://iq.wiki/wiki/layer-2) 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 and programmability. [\\[4\\]](#cite-id-nJPrHnZ2Yq)​\n\n* **Outbound Remittances:** Facilitating instant, low-cost cross-border payments, initially targeting corridors from Korea to Southeast Asia, China, and Japan.\n* **Cross-Border B2B Settlement:** Allowing Korean merchants to pay international suppliers in markets like China and Japan with T+0 settlement, reducing FX spreads and operational delays.\n* **Institutional On-Chain FX & Hedging:** Providing 24/7 on-chain KRW liquidity for market makers and funds to hedge exposure without being constrained by traditional banking hours.\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 (Active)\n\nThis initial phase includes 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 (2025)\n\nScheduled for 2025, this phase involves appointing a qualified auditing firm to provide independent monthly attestations of reserves. It also marks 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\nPlanned for 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.","summary":"KRWQ is a fully fiat backed stablecoin designed to maintain a 1:1 peg with the South Korean Won (KRW). It functions as a programmable, multi-chain digital curre...","images":[{"id":"QmX8dPFBLEY7FoX7hG7NBSRPPCsReKSgMSVK3TfgB1Sgzj","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"tags":[{"id":"Stablecoins"}],"media":[],"metadata":[{"id":"website","value":"https://www.krwq.cash/"},{"id":"github_profile","value":"https://github.com/KRWQ-cash"},{"id":"twitter_profile","value":"https://x.com/KrwqCash"},{"id":"etherscan","value":"https://etherscan.io/address/0x5573b8db24043bee020c36ee0df32694dffef04c"},{"id":"base","value":"https://basescan.org/token/0x370923D39f139C64813f173a1bf0b4f9Ba36a24f"},{"id":"telegram_profile","value":"https://t.me/KRWQcash"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/krwt"},{"id":"references","value":"[{\"id\":\"zyHl2QGxmu\",\"url\":\"https://www.krwq.cash/\",\"description\":\"KRWQ official website\",\"timestamp\":1761100128851},{\"id\":\"xw0FDAr6Jr\",\"url\":\"https://www.theblock.co/post/376877/krwq-korean-won-stablecoin-base\",\"description\":\"KRWQ launches as first Korean won stablecoin on Base\",\"timestamp\":1761834637125},{\"id\":\"Uz5aH1px7y\",\"url\":\"https://cointelegraph.com/news/frax-iq-launch-korean-won-stablecoin-on-base\",\"description\":\"Frax and IQ launch KRW stablecoin on Base\",\"timestamp\":1761835973351},{\"id\":\"nJPrHnZ2Yq\",\"url\":\"https://www.krwq.cash/whitepaper.pdf\",\"description\":\"KRWQ Whitepaper\",\"timestamp\":1762130657796},{\"id\":\"RQ2wdPfYAn\",\"url\":\"https://www.morningstar.com/news/pr-newswire/20251030sf10530/krwq-the-first-korean-won-stablecoin-on-base\",\"description\":\"KRWQ, The First Korean Won Stablecoin on Base\",\"timestamp\":1762973868552},{\"id\":\"EfLaf0hlQB\",\"url\":\"https://x.com/FourPillarsFP/status/1987806838646272482\",\"description\":\"Four Pillars ASA News #7\",\"timestamp\":1762973868552},{\"id\":\"43g8EWs3bM\",\"url\":\"https://x.com/AsiaStablecoin/status/1987810152934969853\",\"description\":\"Asia Stablecoin Alliance covers KRWQ launch\",\"timestamp\":1762974717374},{\"id\":\"2wr15sKsicnd15Ka\",\"description\":\"KRWQ 🇰🇷 is the first Korean won ₩ stablecoin available on OKX. - Twitter\",\"timestamp\":1763422112733,\"url\":\"https://x.com/KrwqCash/status/1990142605183897655\"},{\"id\":\"XLWZejnA4U2USfyr\",\"description\":\"KRWQ Becomes the First Korean Won Stablecoin to Surpass ₩1 Billion in Trading Volume\",\"timestamp\":1763572552796,\"url\":\"https://blog.iqai.com/krwq-becomes-the-first-korean-won-stablecoin-to-surpass-w1-billion-in-trading-volume/\"},{\"id\":\"ZPhRSC0zZBpndZfw\",\"description\":\"KRWQ Becomes the First Korean Won Stablecoin to Surpass ₩1 Billion in Trading Volume\",\"timestamp\":1763575403294,\"url\":\"https://www.prnewswire.com/news-releases/krwq-becomes-the-first-korean-won-stablecoin-to-surpass-1-billion-in-trading-volume-302619858.html\"}]"},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/korean-won-iq/"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmZgU18w7LvfsDNKpAEKMgELSnYJverui2FkdHBmS7QDB1\""},{"id":"commit-message","value":"\"Removed KRWQ overview section\""},{"id":"previous_cid","value":"QmZgU18w7LvfsDNKpAEKMgELSnYJverui2FkdHBmS7QDB1"}],"events":[{"id":"897b1ced-46ed-408c-9507-b9f857ff7128","date":"2025-10-30","title":"KRWQ Launch","type":"CREATED","description":"KRWQ project was launched.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889"},"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum","base"],"founders":[],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"3d0d8204-0417-430d-a22a-3d6e6ecc9db1\",\"title\":\"KRWQ\",\"description\":\"KRWQ is a fully fiat backed stablecoin designed to maintain a 1:1 peg with the South Korean Won (KRW). It functions as a programmable, multi-chain digital curre...\",\"timestamp\":\"2025-10-30T15:57:47.283Z\",\"category\":\"Wiki Update\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889\",\"address\":\"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Summary\",\"subtitle\":\"The summary text was truncated.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"The summary was shortened.\"]},{\"title\":\"Introduction\",\"subtitle\":\"A new reference was added to the introductory paragraph.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added a new citation to the end of the first paragraph.\"]},{\"title\":\"Overview\",\"subtitle\":\"Added context about the market gap for a won-denominated stablecoin and a quote from a co-founder.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Added a sentence explaining the project was created to address a market gap.\",\"Included a quote from Navin Vethanayagam, co-founder of IQ.\",\"Added new citations to support the added information.\"]},{\"title\":\"Technology\",\"subtitle\":\"A new reference was added to the 'Multi-chain Architecture' subsection.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added a new citation in the 'Multi-chain Architecture' subsection.\"]},{\"title\":\"Tokenomics\",\"subtitle\":\"A new reference was added to the 'Minting and Redemption' subsection.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added a new citation in the 'Minting and Redemption' subsection.\"]},{\"title\":\"Compliance and Governance\",\"subtitle\":\"New references were added to the 'Regulatory Approach' subsection.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added new citations in the 'Regulatory Approach' subsection.\"]},{\"title\":\"Events\",\"subtitle\":\"An event's details were updated, removing the speakers list and adding several new fields.\",\"variant\":\"modified\",\"changeCount\":2,\"changes\":[\"Removed the 'speakers' field from an event.\",\"Added new fields: 'continent', 'country', 'link', 'multiDateEnd', 'multiDateStart'.\"]},{\"title\":\"References\",\"subtitle\":\"A new reference from Cointelegraph was added.\",\"variant\":\"added\",\"changeCount\":1,\"changes\":[\"Added new reference: 'Frax and IQ launch KRW stablecoin on Base' from cointelegraph.com.\"]},{\"title\":\"Metadata\",\"subtitle\":\"Added new metadata fields, including a Coingecko profile link and change statistics.\",\"variant\":\"added\",\"changeCount\":5,\"changes\":[\"Added 'coingecko_profile' metadata with a link to the coin's profile.\",\"Added 'words-changed' metadata.\",\"Added 'percent-changed' metadata.\",\"Added 'blocks-changed' metadata.\",\"Added 'wiki-score' metadata.\"]}]}]}"}