Frax and AI agent platform IQ have partnered to introduce KRWQ, a Korean won-denominated stablecoin, on the Coinbase-affiliated Base network. KRWQ is described as the first fully backed won stablecoin on Base and launches with a KRWQ-USDC trading pair on Aerodrome.
The token is also multichain-enabled, supported by LayerZero and Stargate Finance to move across networks.
The initiative arrives as South Korea develops a stablecoin regulatory framework and pushes banks to lead local issuance. That stance has drawn pushback from parts of the crypto ecosystem, which argue clearer guidance is required to balance innovation and monetary stability.
IQ co-founder Navin Vethanayagam called KRWQ a meaningful step, noting the absence of credible won stablecoins despite widespread USD stablecoin dominance.
Frax and IQ stated that KRWQ was designed to align with expected local compliance requirements, launched ahead of forthcoming legislation under review in South Korea’s National Assembly.
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