Launch of KRWQ, Korea's First Won-Backed Stablecoin
IQ and Frax have debuted KRWQ, a stablecoin pegged to the South Korean won, on Coinbase's Base Network.
KRWQ is the first won-backed stablecoin on Coinbase's Ethereum Layer 2 network, Base, and supports multichain transfers.
- First trading pair available: KRWQ/USDC on Aerodrome, a decentralized exchange.
- KRWQ is the first won-pegged token that works on multiple blockchains, utilizing LayerZero's Omnichain Fungible Token standard and the Stargate bridge.
Navin Vethanayagam, Chief Brain of IQ, said, "KRWQ meets an important need in the market. USD-backed stablecoins are common, but no trusted won-backed stablecoin has been launched widely before."
The launch of KRWQ brings the Korean Won on-chain, developed by IQ and Frax.
Author's summary: IQ and Frax launch KRWQ stablecoin on Coinbase Base.
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