KRWQ Stablecoin Surpasses ₩1 Billion Trading Volume Within Two Weeks of Launch

KRWQ, the first fiat-backed stablecoin pegged 1:1 to the South Korean won, has officially exceeded 1 billion won in total trading volume less than two weeks after its launch. This milestone was announced on November 19, 2025, and coincides with the activation of AERO emissions on the Aerodrome platform, which provides incentives for the KRWQ-USDC liquidity pool on Base, enhancing liquidity depth.

Developed by IQ in partnership with Frax, KRWQ leverages IQ's established presence in the Korean market and Frax's scalable stablecoin infrastructure. The upcoming FraxNet network supports asset-backed stablecoins, and KRWQ extends this model to the Korean won. For interoperability, KRWQ utilizes LayerZero's Omnichain Fungible Token (OFT) standard and the Stargate bridge, enabling seamless cross-chain transfers with unified liquidity and zero slippage.

Navin Vethanayagam, Chief Brain of IQ, commented, "Crossing one billion won in trading volume so quickly shows the market's need for a Korean won stablecoin. With AERO emissions now live on Aerodrome, KRWQ is on track to become the foundational KRW asset on Base and beyond." Sam Kazemian, Founder and CEO of Frax, added, "KRWQ's early momentum demonstrates how new fiat-backed stablecoins can integrate seamlessly with global DeFi liquidity, reflecting the principles that power frxUSD and the Frax ecosystem." Alex Lim, Head of APAC at LayerZero, highlighted the growing global interest in KRW stablecoins and the effectiveness of multi-chain frameworks.

Minting and redemption of KRWQ are restricted to KYC-eligible counterparties such as exchanges and market makers, and it is intended for global DeFi markets, not Korean residents.