KRWQ stablecoin surpasses $725K in trading volume

Decentralized AI and blockchain developer IQ announced that its won-pegged stablecoin, KRWQ, has surpassed 1 billion won (approximately $725,000) in cumulative trading volume just two weeks after its launch. The stablecoin was launched in partnership with Frax Finance. KRWQ is a fiat-collateralized stablecoin pegged 1:1 to the South Korean won. It operates as a multi-chain asset built on LayerZero's (ZRO) OFT standard and the Stargate (STG) bridge. Navin Vethanayagam of IQ stated that this rapid growth demonstrates market demand for a won-pegged stablecoin. The company noted that KRWQ can only be issued and redeemed by institutional partners who have completed Know Your Customer (KYC) procedures and is not available to residents of South Korea.