Frax, IQ launch Korean won-pegged KRWQ on Base amid stablecoin push

Crypto protocol Frax and AI agent platform IQ have partnered to launch KRWQ, a Korean won-pegged stablecoin, on the Coinbase-linked Base blockchain. KRWQ is claimed to be the first multichain won-denominated stablecoin, transferable across networks via LayerZero and Stargate Finance, and is paired with USDC on the Aerodrome exchange. The stablecoin is designed to be fully regulatory-compliant in anticipation of South Korea's forthcoming stablecoin legislation, although it is currently not marketed to South Korean residents and is intended for global DeFi markets. Minting and redemption are restricted to eligible, KYC'd counterparties. This launch occurs as South Korea increases its focus on local currency stablecoins, despite some pushback from the crypto sector regarding the central bank's preference for banks to lead the rollout.

(Source：Cointelegraph)