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 also the first won-pegged token that supports multichain transfers.
- First trading pair available: KRWQ/USDC on Aerodrome, a decentralized exchange.
- Utilizes LayerZero's Omnichain Fungible Token standard and the Stargate bridge for easy transfers between chains.
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 introduction of KRWQ brings the Korean Won on-chain, marking a significant development in the market.
Author's summary: KRWQ is Korea's first won-backed stablecoin launched on Coinbase's Base Network.