KRWQ Goes Live as the First Korean Won Stablecoin on Coinbase’s Base Network

TLDR

• KRWQ launches on Base as the first Korean won-backed stablecoin.
• Cross-chain transfers powered by LayerZero’s OFT standard.
• KRWQ pairs with USDC on Aerodrome for Base liquidity.
• Not yet in Korea—awaiting stablecoin regulation approval.
• KRWQ leads Korea’s stablecoin race ahead of Avalanche’s KRW1.

KRWQ has officially launched as the first Korean won-pegged stablecoin on Coinbase’s Ethereum Layer 2 network, Base. The launch includes a KRWQ-USDC trading pair on Aerodrome and introduces multichain capabilities through LayerZero’s OFT standard. While KRWQ targets global use, it remains unavailable to South Korean residents due to ongoing regulatory developments.

KRWQ Launches on Base with Cross-Chain Support

IQ and Frax collaborated to launch KRWQ, offering seamless cross-chain movement through the Stargate bridge and the OFT token standard. This makes KRWQ the first Korean won-pegged stablecoin to enable transfers across multiple blockchain ecosystems. The launch supports liquidity on Base via Aerodrome with a USDC pairing.

The stablecoin is built on a foundation of smart contract standards that facilitate interoperability across chains without compromising on transparency or traceability. The Base network was chosen for its scalability and security, which aligns with KRWQ’s long-term goals. Users can trade KRWQ on Aerodrome, while institutional actors handle its minting and redemption.

As part of its multichain strategy, KRWQ also allows cross-network functionality to promote efficiency across decentralized finance platforms. This marks a significant milestone for stablecoins in Asia, as no Korean won-backed token previously achieved multichain operability. KRWQ continues to build momentum as it positions itself for broader adoption.

Regulatory Strategy Shapes KRWQ’s Market Entry

KRWQ is not available in South Korea, pending legal clarity on stablecoin operations within the domestic market. South Korea is currently drafting legislation that will define the rules for issuance and distribution of stablecoins. Until then, KRWQ limits access to select partners, including exchanges and institutional platforms.

IQ applied Frax’s expertise from frxUSD to design KRWQ with regulatory readiness and institutional standards in mind. This framework aims to meet compliance expectations that may emerge from the Korean National Assembly’s legislation. The coin’s structure supports institutional due diligence while aligning with future legal frameworks.

Although not active in Korea, KRWQ anticipates eventual participation once the regulatory climate allows for domestic availability. Korean lawmakers and financial authorities continue reviewing policies to manage digital assets tied to national currency. This signals future opportunity for KRWQ to expand its footprint within the Korean financial ecosystem.

KRW1 Adds to Korea’s Stablecoin Race

While KRWQ leads on Coinbase’s Base, BDACS recently introduced KRW1 as a separate won-pegged stablecoin on Avalanche. KRW1 remains in the proof-of-concept stage as it awaits clearer local regulatory definitions. It currently operates under limited testing without broad deployment.

KRW1 represents early steps in South Korea’s effort to enter the stablecoin sector amid global currency digitization. Unlike KRWQ, KRW1 does not yet support multichain transfers or institutional minting at scale. Its development reflects growing interest in digital won initiatives within Korean blockchain circles.

South Korea’s proactive approach follows the election of President Lee Jae Myung, who supports digital currency innovation and blockchain-based finance. National banks and private entities are now forming partnerships and reserving ticker symbols for future stablecoin projects. KRWQ and KRW1 may signal the start of long-term stablecoin integration in Korean finance.

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