Circle praises new won-pegged stablecoin KRWQ

Circle has praised KRWQ, a new won-pegged stablecoin jointly launched by IQ and Frax Finance. In a statement on its website, Circle noted that IQ is using KRWQ to improve the inefficiencies of the existing offshore Korean won non-deliverable forward (NDF) market and build a more transparent and accessible on-chain foreign exchange structure. The company emphasized that the stablecoin's integration with USDC has led to significant progress in liquidity, price discovery, and institutional participation.