IQ and Frax collaborate to launch the KRWQ Korean won stablecoin based on the Base network

PANews, October 30—According to The Block, IQ and Frax jointly announced on Thursday the launch of KRWQ, a stablecoin pegged to the Korean won (KRW). The two companies stated in a press release that with the launch of the KRWQ-USDC trading pair on the Aerodrome platform, KRWQ becomes the first Korean won-pegged stablecoin on Coinbase’s Ethereum Layer 2 network Base. Reportedly, KRWQ is also the first multi-chain token pegged to the Korean won, adopting LayerZero’s Omnichain Fungible Token (OFT) standard and utilizing the Stargate cross-chain bridge to enable token transfers across multiple blockchains. IQ announced that it will draw on Frax’s expertise in regulatory compliance, particularly its experience with frxUSD, for the design of KRWQ to support institutional adoption and due diligence. Meanwhile, as South Korea is still working to establish basic rules for stablecoins, KRWQ has not yet been marketed or offered to residents in South Korea. The minting and redemption of this stablecoin are also limited to eligible counterparties, such as exchanges, market makers, and institutional partners.