Quick Breakdown
- KRWQ launches as the first Korean Won stablecoin on Base with multi-chain support.
- Enables seamless cross-chain transfers and 1:1 settlement for global DeFi users.
- Designed for KYC-verified institutional participants, setting a compliant standard for fiat-backed digital assets.
IQ, in partnership with Frax, has launched KRWQ, the first fiat-backed stablecoin pegged 1:1 to the South Korean Won and fully operational on Base, Coinbase’s Ethereum Layer 2 network. The multi-chain stablecoin leverages LayerZero’s Omnichain Fungible Token (OFT) standard and Stargate bridge, enabling seamless cross-chain transfers and unified liquidity for global DeFi participants.
— Frax Finance ¤⛓️¤ (@fraxfinance) October 30, 2025
Bringing the Korean won on-chain
KRWQ represents a milestone in expanding fiat-denominated stablecoins beyond the U.S. dollar. The coin launches with a KRWQ-USDC trading pair on Aerodrome, marking the first production-ready Korean Won stablecoin on Base. IQ, active in Korea’s crypto ecosystem since 2018, and Frax, known for its scalable stablecoin infrastructure backed by tokenized U.S. Treasuries, aim to provide a secure, regulatory-compliant option for institutional and global DeFi users.
“KRWQ fills a critical gap in the market. While USD-backed stablecoins dominate today, no credible Won-denominated stablecoin has launched at scale,” said Navin Vethanayagam, Chief Brain of IQ. Frax founder Sam Kazemian added that the partnership brings proven stablecoin infrastructure to Korea, opening new opportunities for global DeFi adoption.
Multi-chain support and liquidity expansion
LayerZero’s OFT standard allows KRWQ to operate across multiple blockchains with 1:1 settlement and zero slippage, while the Stargate bridge provides a one-click interface for fast transfers. Initial liquidity is supported by the Aerodrome DEX and BrainDAO, which holds over $40 million in assets and will expand liquidity as demand grows.
Designed for regulatory compliance, KRWQ minting and redemption are limited to KYC-verified counterparties, including exchanges, market makers, and institutional partners. The stablecoin is currently targeted for global DeFi markets and is not marketed to Korean residents, aligning with Korea’s forthcoming stablecoin legislation.
KRWQ positions the Korean Won as a scalable, secure, and multi-chain settlement layer, signaling a new chapter for fiat-backed digital assets in Asia’s blockchain ecosystem.
This launch coincides with policy developments in Hong Kong, where the Legislative Council recently highlighted the growing role of stablecoins, including those backed by the Chinese renminbi (RMB), in the region’s evolving digital finance landscape.
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