KRWQ Launches as the First Multi-Chain Korean Won Stablecoin Powered by LayerZero
KRWQ brings the Korean won onchain for the first time as the world’s first fiat-backed, multi-chain Korean won stablecoin, developed by IQ in partnership with Frax and powered by LayerZero.
A New Foundation for the Korean Won
Historically, USD-backed stablecoins have defined liquidity in crypto, while local currencies have remained largely absent.
Each KRWQ token is fully backed 1:1 by won reserves held with regulated partners and, through LayerZero’s OFT standard, operates as a unified asset across every connected blockchain. This architecture gives the Korean won true digital portability. Developers can integrate it directly into applications, payments, and markets, while institutions issue and manage WON liquidity transparently at scale.
“Frax has always focused on building secure and scalable stablecoin infrastructure. Partnering with IQ to launch KRWQ extends that model to the Korean won for the first time, creating new opportunities for the global DeFi ecosystem. Frax is proud to make history together,” said Sam Kazemian, Founder & CEO of Frax.
One KRWQ. Unified Everywhere.
Using LayerZero’s OFT standard, KRWQ functions as a single native asset across multiple blockchains. When KRWQ moves between networks, tokens are burned on the source chain and minted 1:1 on the destination. Transfers can be performed through Stargate, the largest exchange for moving value across blockchains, enabling instant, zero-slippage movement at near-zero cost.
“KRWQ is an important step toward a more connected global financial system. LayerZero’s interoperability makes it possible for fiat-backed assets like the Korean won to exist natively across chains, and IQ and Frax are leading that transition,” said Bryan Pellegrino, Co-Founder and CEO of LayerZero Labs.
KRWQ’s launch on Base includes a KRWQ–USDC pool on Aerodrome, creating the first market for the Korean won. BrainDAO, managing over $40 million in assets, is scaling liquidity across Base and Ethereum to support trading, yield, and settlement use cases built around the won.
“KRWQ’s launch on Aerodrome creates the first deep liquidity market for the Korean won on Base. We look forward to supporting the growth of global stablecoins like the Korean won as the Base ecosystem expands,” said Alexander Cutler, Core Contributor of Aerodrome.
KRWQ is being developed alongside Korea’s upcoming stablecoin legislation to stay aligned with future regulatory standards. Only verified institutions such as exchanges and market makers can mint or redeem KRWQ, with clear compliance measures built in. By using LayerZero, KRWQ can meet these requirements across different regions while maintaining transparency and strong oversight.
The Won Goes Global
While not yet available to domestic users, KRWQ opens global access to won liquidity for institutions and DeFi protocols, marking the first commercialization of a Korean won stablecoin and a step toward a borderless onchain economy.
For developers, KRWQ introduces a programmable fiat layer to build with. For users, it makes the won transferable across the LayerZero network, spanning 150+ blockchains today. For institutions, it provides a transparent, regulated, blockchain-native settlement asset.
“KRWQ is the first Korean won stablecoin to go live on public blockchains, and we’re proud it’s powered by LayerZero’s OFT standard. With unified liquidity and zero slippage bridging, KRWQ sets a new benchmark for how fiat-backed stablecoins can operate seamlessly across multiple ecosystems,” said Alex Lim, Head of APAC at Layerzero & Executive Director of Asia Stablecoin Alliance.
With KRWQ and LayerZero, the Korean won now moves freely across blockchains, a demonstration of how interoperability is transforming financial infrastructure into a unified network for value, and a clear example of how LayerZero is powering Better Money Technology.
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Please note that minting and redemption of KRWQ are limited to Eligible KYC’d counterparties, including exchanges, market makers, and integrated institutional partners. At this time, KRWQ is intended for use in global DeFi markets and is not being marketed or offered to Korean residents.
