IQ and Frax Launch KRWQ, First Korean Won Stablecoin on Base Network

IQ and Frax announced the launch of KRWQ on Oct. 30, marking the first fiat-backed stablecoin pegged 1:1 to the South Korean Won. The token launched on Base, Coinbase’s Ethereum Layer 2 network. IQ described the launch as filling a gap in the market, noting that no won-denominated stablecoin had previously launched at scale. KRWQ operates using LayerZero’s Omnichain FungibleToken standard and Stargate bridge, enabling transfers across multiple blockchains with zero slippage, according to the announcement. ...