KRWQ: South Korea's First Won-Pegged Stablecoin
IQ and Frax, an AI-agent platform and a decentralized finance protocol, respectively, have launched KRWQ, a stablecoin pegged to the South Korean won (KRW).
KRWQ is the first Korean won-backed stablecoin available on Coinbase's Ethereum Layer 2 network, Base, and has debuted with a KRWQ/USDC trading pair on the Aerodrome decentralized exchange.
When it comes to stables in 🇰🇷 look for the Q.
The launch aims to fill a notable gap in the market dominated by U.S. stablecoins, with KRWQ standing out as the first multichain won-pegged stablecoin.
- Utilizes LayerZero's Omnichain Fungible Token (OFT) standard
- Employs the Stargate bridge for seamless transfers between multiple blockchains
This design enables KRWQ to extend its reach across DeFi ecosystems while maintaining price stability and security.
Author's summary: KRWQ is South Korea's first won-pegged stablecoin.
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