Frax, IQ launch Korean won-pegged KRWQ on Base amid stablecoin push

Crypto protocols Frax and IQ have partnered to launch KRWQ, a Korean won stablecoin designed to be fully regulatory-compliant amid the country’s stablecoin push.

Crypto protocol Frax and AI agent platform IQ have partnered to launch a Korean won stablecoin on the Coinbase-linked Base blockchain.

In a statement viewed by Cointelegraph on Thursday, the two companies launched KRWQ, the first fully-backed won stablecoin on Base, alongside a trading pair with the US dollar stablecoin USDC (USDC) on the Aerodrome exchange.

The pair also claims KRWQ is the first multichain won-denominated stablecoin, as the token can be transferred across multiple networks using services from crosschain protocols LayerZero and Stargate Finance.

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