KRWQ: The First Korean Won Stablecoin on Base

KRWQ launches as the first tradeable Korean Won stablecoin on Base with multi-chain support powered by LayerZero

SEOUL, South Korea, Oct. 30, 2025 /PRNewswire/ -- IQ, in partnership with Frax, today announced the launch of KRWQ, the first fiat-backed and multichain stablecoin pegged 1:1 to the South Korean Won. With a KRWQ-USDC pair on Aerodrome it became the first Korean won stablecoin to go into production launching on Base, Coinbase's Ethereum Layer 2 network. KRWQ is also the first multichain KRW stablecoin launching using LayerZero's Omnichain FungibleToken (OFT) standard and Stargate bridge, enabling seamless movement and unified liquidity across multiple blockchains.

"KRWQ fills a critical gap in the market. While USD-backed stablecoins dominate today, no credible won-denominated stablecoin has ever launched at scale. IQ has been active in Korea since 2018, building liquidity on Upbit and Bithumb, and we bring deep experience in DeFi and AI. Together with Frax, leaders in scalable stablecoin infrastructure, we are proud to be the first to bring the Korean won on-chain, starting with Base," said Navin Vethanayagam, Chief Brain of IQ.

"Frax has always focused on building secure and scalable stablecoin infrastructure. Partnering with IQ to launch KRWQ extends that model to the Korean won for the first time, creating new opportunities for the global DeFi ecosystem. Frax is proud to make history together," said Sam Kazemian, Founder & CEO of Frax.

Frax's stablecoin infrastructure, centered on frxUSD, includes backing from BlackRock's BUIDL fund. By using tokenized U.S. Treasuries as part of its reserves, Frax is setting a precedent for regulatory compliance and transparency under the U.S. Genius Act framework. KRWQ extends this same model to the Korean won, designed for institutional adoption and compliant, fiat-backed stability.

KRWQ is live on Base using LayerZero's OFT Standard, enabling native deployment and seamless asset transfers across blockchains with 1:1 settlement and zero slippage. Users can bridge KRWQ instantly with Stargate, the leading bridge in crypto, providing a simple one-click interface.

"KRWQ is an important step toward a more connected global financial system. LayerZero's interoperability makes it possible for fiat-backed assets like the Korean won to exist natively across chains, and IQ and Frax are leading that transition," said Bryan Pellegrino, Co-Founder and CEO of LayerZero Labs.

"KRWQ is the first Korean won stablecoin to go live on public blockchains, and we're proud it's powered by LayerZero's OFT standard. With unified liquidity and zero slippage bridging, KRWQ sets a new benchmark for how fiat-backed stablecoins can operate seamlessly across multiple ecosystems," said Alex Lim, Head of APAC at Layerzero & Executive Director of Asia Stablecoin Alliance.

To support adoption, the first KRWQ-USDC liquidity pool has launched on Aerodrome, the leading DEX on Base. BrainDAO, with over $40 million in assets, will expand liquidity as demand grows.

"KRWQ's launch on Aerodrome creates the first deep liquidity market for the Korean won on Base. We look forward to supporting the growth of global stablecoins like the Korean won as the Base ecosystem expands," said Alexander Cutler, Core Contributor of Aerodrome.

KRWQ is designed to be the first fully regulatory compliant stablecoin in Korea, developed in anticipation of the forthcoming stablecoin legislation currently under review in the Korean National Assembly. The initiative builds on the shared commitment of IQ and Frax to advancing transparent, secure, and responsibly governed stablecoin infrastructure worldwide.

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.

Frax Media Contact:
Gary Bird
FortyThree, Inc.
[email protected]
831.888.9011

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SOURCE IQ