[IQ and Frax Launch KRW-Pegged Stablecoin KRWQ on Base Network]
IQ and Frax have announced the launch of KRWQ, a stablecoin pegged to the South Korean won (KRW). This token has become the first KRW-pegged stablecoin on Coinbase's Ethereum Layer 2 network, Base. KRWQ adopts LayerZero's Omnichain Fungible Token (OFT) standard and enables multi-chain transfers through the Stargate cross-chain bridge. Additionally, KRWQ is the first KRW-pegged stablecoin to support multi-chain operations. IQ stated that the design of KRWQ draws on Frax's regulatory compliance experience in developing the frxUSD stablecoin to support institutional adoption and due diligence. Since South Korea has not yet established regulations for stablecoins, KRWQ is not marketed or offered to South Korean residents, and its minting and redemption are limited to eligible counterparties, including exchanges, market makers, and institutional partners.