Key Notes

KRWQ represents the inaugural large-scale stablecoin denominated in Korean Won, addressing an unfilled market niche.

The token leverages Frax's infrastructure backed by BlackRock's BUIDL fund and employs LayerZero's OFT standard for seamless blockchain interoperability.

Access to minting and redemption requires KYC verification and excludes Korean residents, targeting global DeFi applications instead.

IQ and Frax announced the launch of KRWQ on Oct. 30, marking the first fiat-backed stablecoin pegged 1:1 to the South Korean Won. The token launched on Base, Coinbase’s Ethereum Layer 2 network. IQ described the launch as filling a gap in the market, noting that no won-denominated stablecoin had previously launched at scale.

KRWQ operates using LayerZero’s Omnichain FungibleTok

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