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Promote with Leviathan NewsKRWQ, a fiat‑backed Korean won (KRW) stablecoin developed by the IQ protocol in partnership with Frax Finance, has launched on the Base blockchain as a multichain asset, with the team promoting “KrwqCash” as the first tradeable KRW stable with multi‑chain support. Each KRWQ token is designed to be pegged 1:1 to the South Korean won and fully backed by won reserves held with regulated partners, using LayerZero’s OFT (Omnichain Fungible Token) standard and the Stargate bridge to function as a single unified asset across multiple blockchains. The launch on Base includes a KRWQ–USDC liquidity pool on Aerodrome, giving on‑chain markets a direct KRW–USD trading pair and creating an initial DeFi venue for Korean won exposure on the network. KRWQ is positioned as an institutional‑grade stablecoin with a controlled mint‑and‑redeem framework, where only KYC’d counterparties such as exchanges and market makers can create or redeem tokens, and it is currently targeted at global DeFi markets rather than domestic Korean users. By pairing KRWQ with USDC and deploying it across chains, IQ and Frax aim to bring part of the offshore KRW FX and derivatives market onchain, offering more transparent, programmable KRW settlement and potentially lower trading costs compared with traditional non‑deliverable forward (NDF) structures.
AI-generated background, compiled from web sources — not editorial content.
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