IQ and Frax have partnered to launch KRWQ, a stablecoin based on the Base network.

PANews reported on October 30th that, according to The Block, IQ and Frax jointly announced on Thursday the launch of KRWQ, a stablecoin pegged to the Korean Won (KRW). In a press release, the two companies stated that with the launch of the KRWQ-USDC trading pair on the Aerodrome platform, KRWQ becomes the first stablecoin pegged to the Korean Won on Coinbase's Ethereum Layer 2 network. KRWQ is also the first multi-chain token pegged to the Korean Won, adopting LayerZero's full-chain fungible token (OFT) standard and leveraging the Stargate cross-chain bridge to enable token transfers across multiple blockchains. IQ announced that it will draw on Frax's expertise in regulatory compliance, particularly its experience with frxUSD, in the design of KRWQ to support institutional adoption and due diligence. Meanwhile, due to the ongoing efforts in South Korea to establish basic rules for stablecoins, KRWQ has not yet been marketed or offered to South Korean residents. The minting and redemption of this stablecoin are also limited to eligible counterparties such as exchanges, market makers, and institutional partners.