IQ and Frax Launch KRWQ, First Korean Won Stablecoin on Base Network

2025-10-31 21:18

IQ and Frax announced the launch of KRWQ on Oct. 30, marking the first fiat-backed stablecoin pegged 1:1 to the South Korean Won. The token launched on Base, Coinbase’s Ethereum Layer 2 network. IQ described the launch as filling a gap in the market, noting that no won-denominated stablecoin had previously launched at scale.

KRWQ operates using LayerZero’s Omnichain FungibleToken standard and Stargate bridge, enabling transfers across multiple blockchains with zero slippage, according to the announcement.

The first KRWQ-USDC liquidity pool launched on Aerodrome. BrainDAO, which holds over $40 million in assets, will expand liquidity as demand grows. LayerZero Labs emphasized that the technology allows fiat-backed assets to move natively across different blockchain networks.

Minting and redemption of KRWQ are limited to eligible KYC’d counterparties, including exchanges, market makers, and integrated institutional partners. The stablecoin is not being marketed or offered to Korean residents at this time and is intended for use in global DeFi markets. The project was developed in anticipation of forthcoming stablecoin legislation currently under review in the Korean National Assembly.

KRWQ is built on Frax’s stablecoin infrastructure, which includes backing from BlackRock’s BUIDL fund and Superstate’s USTB fund. Frax uses tokenized US Treasury bonds as part of its reserves, similar to strategies employed by major stablecoin issuers like Tether’s US Treasury holdings.

Frax described the partnership as extending its proven infrastructure model to the Korean Won. The KRWQ website reports a live supply of 144.54 million tokens with a reserve ratio of 102.4 percent, though independent third-party attestations are listed as coming soon.

Korean Market Context

IQ has been active in Korea since 2018, building liquidity on Upbit and Bithumb, two exchanges operating in a market characterized by the Kimchi Premium—a price disparity driven by high domestic demand and strict capital controls.

A recent Upbit listing drove significant trading volume. The project’s GitHub repository details its technical architecture, including an ERC4626 custodian vault and Chainlink oracle integration. KRWQ’s planned network expansion includes Giwa, Kaia, and Fraxtal.

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