IQ is a new stablecoin pegged to the South Korean won (KRW) in collaboration with Frax. KRWQannounced that it has launched . Coinbase’s Ethereum 
$3,998.89 Launched on the Layer-2 network Base, KRWQ became the first stablecoin pegged to the Korean won by being listed on the Aerodrome exchange at the KRWQ/USDC trading parity. Launch depends on local currencies, altcoin It is considered an important step towards the adoption of stablecoins on a global scale.
New Generation Stablecoin Infrastructure on Base
IQ And Fraxprovided multi-blockchain support using LayerZero’s Omnichain Fungible Token (OFT) standard and the Stargate bridge in KRWQ’s technical structure. Thus, the coin became transferable not only on Base but also between different Blockchains. Chief Brain of IQ Navin VethanayagamStating that KRWQ fills an important gap in the market, he emphasized the importance of local currency alternatives against the dominance of stablecoins pegged to the US dollar.
IQ, also Frax’s frxUSD stablecoinHe announced that he integrated the regulatory compliance framework he implemented in KRWQ into the design of KRWQ. In this way, a structure that will facilitate adoption by institutional investors and increase transparency in legal audit processes is aimed. Company KRWQ’s new project expected to come into force in South Korea stablecoin lawHe stated that it will be the first won-based cryptocurrency that is fully compatible with .
The Wait for Regulation Continues in South Korea
Although KRWQ stands out as the first multi-blockchain stablecoin pegged to the South Korean won, it is currently prohibited from being marketed or offered to local users in South Korea. IQ stated that coin issuance and redemption is limited to authorized counterparties only (exchanges, market makers and institutional partners). Stablecoin regulations are still in place in the country National Assembly is on the agenda.
Last month BDACS, Avalanche 
$19.47 It developed a won stablecoin prototype called KRW1 on its network, but the project remained in the conceptual stage due to regulatory uncertainty.
Pro-cryptocurrency President who took office in June Lee Jae MyungWith the support of , the South Korean government aims to strengthen its monetary sovereignty in the era of digital finance by expanding the market for local currency-based stablecoins. However Central Bank of South KoreaWhile Argument argues that stablecoin issuance should only be done by licensed banks, the private sector demands a more competitive structure.
