EDXM to launch KRW/USD derivative using stablecoins

EDXM International, a crypto exchange backed by financial giants Citadel, Fidelity, and Charles Schwab, is developing a blockchain-based derivative that tracks the won-dollar exchange rate, Bloomberg reported. The product is designed as a low-cost digital alternative to traditional non-deliverable forwards (NDFs), utilizing the KRW stablecoin KRWQ and USDC. The perpetual futures contract will allow traders to take long and short positions on the KRWQ/USDC pair, with its price mirroring the KRW/USD exchange rate. EDXM stated that the product is scheduled to launch in early April, with a target of reaching $500 million in average daily trading volume within its first year. KRWQ is a KRW-based stablecoin jointly launched by decentralized AI and blockchain developer IQ and Frax Finance (FRAX).