KRWQ, the first fiat-backed and multichain stablecoin pegged 1:1 to the South Korean won (KRW), has officially surpassed 1 billion won in total trading volume less than a month after launch. The milestone coincides with the activation of AERO emissions on Aerodrome, expanding incentives for the KRWQ-USDC pool on Base and supporting deeper liquidity.
Developed by IQ in partnership with Frax, KRWQ combines IQ’s established presence in the Korean market with Frax’s proven stablecoin infrastructure. Frax’s upcoming FraxNet network provides the technical foundation for scalable, asset-backed stablecoins, and KRWQ extends this model to the Korean won.
To enable interoperability, KRWQ uses LayerZero’s OFT (Omnichain Fungible Token) standard and Stargate bridge, allowing the stablecoin to move seamlessly across blockchains with unified liquidity and zero-slippage transfers.
“Crossing one billion won in trading volume so quickly shows the market’s need for a Korean won stablecoin,” said Navin Vethanayagam, Chief Brain of IQ. “With AERO emissions now live on Aerodrome, KRWQ is on track to become the foundational KRW asset on Base and beyond.”
“Frax focuses on secure, scalable stablecoin infrastructure,” said Sam Kazemian, Founder and CEO of Frax. “KRWQ’s early momentum shows how new fiat-backed stablecoins can integrate seamlessly with global DeFi liquidity while reflecting the same principles that power frxUSD and the Frax ecosystem.”
“Surpassing ₩1B in volume so quickly not only underscores the growing global interest in KRW stablecoins among the Asian currencies, but also shows how building on multiple chains can result in immediate results,” said Alex Lim, Head of APAC at LayerZero and Executive Director of the Asia Stablecoin Alliance. “KRWQ demonstrates how regional currencies can operate seamlessly across ecosystems through interoperable, on-chain frameworks.”
Minting and redemption of KRWQ are limited to Eligible KYC'd counterparties, including exchanges, market makers, and integrated institutional partners. At this time, KRWQ is intended for use in global DeFi markets and is not being marketed or offered to Korean residents.
About KRWQ
KRWQ is the first fiat-backed stablecoin pegged 1:1 to the Korean won. Developed by IQ in partnership with Frax, KRWQ brings the Korean won on chain as a secure, compliant, and scalable settlement layer for global markets. KRWQ is built on proven infrastructure with a controlled mint and redeem framework designed for exchanges and market makers.
For more information, visit www.KRWQ.cash.
