Last updated on January 3rd, 2026 at 01:53 pm
Quick Breakdown
- KRWQ surpasses ₩1 billion in trading volume just two weeks after launch
- Uses LayerZero OFT and Stargate bridge for seamless multichain transfers
- Bridges Korean won to global DeFi markets for KYC-compliant institutional users
KRWQ, the first fiat-backed, multichain stablecoin pegged 1:1 to the South Korean won (KRW), has surpassed ₩1 billion in total trading volume just two weeks after its launch. Created by IQ in collaboration with Frax, the stablecoin’s quick uptake coincides with the start of AERO emissions on Aerodrome, which have strengthened incentives for the KRWQ-USDC pool on the Base network and helped deepen liquidity across chains.
KRWQ just became the first Korean won stablecoin to surpass ₩1B in trading volume.
KRWQ is now the most traded KRW stable with liquidity growing on @AerodromeFi on Base. pic.twitter.com/yqZO3hxLDG
— KRWQ.cash (@KrwqCash) November 19, 2025
Bridging Korean won to DeFi markets
KRWQ uses LayerZero’s Omnichain Fungible Token (OFT) standard together with the Stargate bridge to make cross-chain transfers simple, smooth, and low-slippage. With IQ already well-established in the Korean market and Frax providing a reliable stablecoin foundation, KRWQ can bring regional fiat support into the global DeFi ecosystem in a practical and efficient way.
Navin Vethanayagam, Chief Brain of IQ, highlighted the stablecoin’s early traction, stating that the milestone demonstrates “the market’s need for a Korean won stablecoin.” Frax CEO Sam Kazemian added that KRWQ shows how fiat-backed stablecoins can integrate with existing DeFi liquidity while maintaining the security and scalability standards that underpin the Frax ecosystem.
Regional currencies gain global reach
KRWQ’s multichain framework has attracted global investors seeking interoperable, fiat-backed digital assets. Alex Lim, Head of APAC at LayerZero, said, “KRWQ demonstrates how regional currencies can operate seamlessly across ecosystems through interoperable, on-chain frameworks.” Minting and redemption are limited to eligible KYC-compliant counterparties, including exchanges, market makers, and institutional partners, with the stablecoin intended primarily for global DeFi use.
The KRWQ milestone underscores growing interest in Asian stablecoins and illustrates how fiat-backed digital currencies can scale quickly, bridging regional markets to international blockchain finance while maintaining regulatory safeguards.
The milestone builds on IQ and Frax’s partnership to launch KRWQ 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.
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