IQ’s KRWQ stablecoin today announced a strategic partnership with EDXM International and Spark Systems to launch the world’s first Korean won stablecoin perpetual futures. The contract will launch on EDXM International and be integrated into Spark Systems’ institutional eFX trading platform, enabling hedge funds and other institutional FX market participants to access KRW perpetual futures settled in USDC, while hedging exposure through KRWQ spot markets.
The new product introduces a transparent, blockchain-settled alternative to the massive offshore Korean won Non Deliverable Forward (NDF) market, which sees $27 billion in daily trading volume.
KRWQ was developed by IQ, using Frax as its core stablecoin infrastructure partner, as part of a broader effort to bring Korean won liquidity onto blockchain infrastructure and connect traditional foreign exchange markets with onchain settlement rails.
Since launching on Base in October 2025, KRWQ has rapidly emerged as the first onchain settlement layer for Korean won trading. The stablecoin is designed to modernize KRW markets by providing a low cost, fully reserved digital settlement asset capable of supporting institutional trading activity across global crypto and foreign exchange markets.
The stablecoin’s fees and cash flows are directed to the IQ token, allowing holders to gain economic exposure to the growth of the Korean won stablecoin ecosystem. Since its 2018 launch in Seoul, IQ has built a significant presence in the Korean digital asset market with listings on major exchanges such as Upbit and Bithumb.
KRWQ builds upon this foundation by introducing a KRW denominated digital asset engineered for transparency, composability, and global liquidity, positioning the Korean won to participate in the rapidly expanding onchain financial system.
KRWQ’s reserves are designed for institutional trust and include tokenized Korean government bonds held by Shinhan Securities, one of Korea’s largest securities firms. This reserve structure provides a transparent and secure settlement layer for global KRW trading activity while bridging traditional financial assets with blockchain infrastructure.
As adoption grows, KRWQ is designed to expand the Korean won’s role in global markets by enabling new forms of trading, liquidity, and financial applications built on blockchain infrastructure.
“This partnership is a trailblazing moment for the Korean won,” said Dave Shin, COO of KRWQ. “While we await further regulatory clarity onshore, we are building the infrastructure that allows the won to be traded globally with the transparency and efficiency that blockchain enables. Working with EDXM International and Spark Systems allows KRWQ to target the tens of billions of dollars in daily institutional KRW derivatives trading that has historically been locked behind opaque TradFi products.”
“KRWQ represents a major step in IQ’s mission of building a more intelligent financial system,” said Navin Vethanayagam, Chief Brain of IQ. “By bringing the Korean won onchain, KRWQ opens one of the world’s most important currency markets to global crypto liquidity while directing the economic value of that ecosystem back to the IQ token. Our vision is to build the infrastructure that connects stablecoins, foreign exchange markets, and AI driven financial systems into a single open financial network.”
