what's KRWQ?
KRWQ is a stablecoin designed to maintain a 1:1 peg with the South Korean Won (KRW), providing a reliable digital asset for users seeking stability in cryptocurrency transactions. Launched on the Base Layer 2 network by IQ in partnership with Frax Finance, it addresses the need for localized fiat-pegged tokens in the global crypto ecosystem. The token facilitates seamless integration into DeFi protocols, enabling activities like lending, borrowing, and trading without the volatility risks associated with other cryptocurrencies. Built using LayerZero's Omnichain Fungible Token (OFT) standard and the Stargate bridge, KRWQ supports multichain interoperability, allowing transfers across various blockchains including Ethereum and its layers. It debuted with a KRWQ-USDC liquidity pair on the Aerodrome exchange, promoting accessibility for international users. While aimed at broadening stablecoin adoption in Asia, availability is restricted for South Korean residents pending regulatory clarity from local authorities.
KRWQ receives upcoming incentives for Curve Finance frxUSD LP.
Integrated with Curve Finance and Frax Finance for FX pools, supporting frxUSD, and receiving upcoming incentives.
KRWQ joins FraxNet, a GENIUS-compatible stablecoin network, creating a KRW-USD settlement rail.
KRW stablecoin launch announced on Base (Ethereum Layer 2).
The stablecoin is not yet available to South Korean residents despite being a Korean won-pegged asset.
Launches KRWQ stablecoin on Base in partnership with Frax Finance, claiming to be the first tradeable Korean Won stable with multi-chain functionality.
Goes live on Stargate protocol with trading available on Aerodrome Finance and zero-fee cross-chain bridging between Ethereum and Base.
Frax partners with IQ AI on the launch.
Partnership with IQAI.COM confirmed as long-term collaborator behind the launch, with multichain deployment from day one beyond Base blockchain.
Launches as the first Korean won stablecoin on Base blockchain.