Odaily reports that Web3 infrastructure company IQ has announced a partnership with FRAX to launch KRWQ, a stablecoin pegged to the South Korean won (KRW). The issuance of this stablecoin complies with South Korean stablecoin regulations and will primarily be used for payments and liquidity management in decentralized finance (DeFi). It will not be sold or promoted to individual investors within South Korea.

KRWQ is currently listed for trading on Coinbase's Ethereum Layer 2 network, Base. The decentralized exchange Aerodrome will simultaneously open a KRWQ-USDC trading pair and establish a liquidity pool. BrainDAO, which manages approximately $40 million in assets, stated that it will gradually increase liquidity supply based on market demand. LayerZero will also support cross-chain transfers of KRWQ and provide integrated liquidity through its OFT token standard and the Stargate bridging protocol. (Korea Economic Daily)