TechFlow News, October 30 — According to TheBlock, IQ and Frax have announced the launch of KRWQ, the first Korean won-pegged stablecoin issued on Coinbase's Ethereum Layer 2 network, Base.
IQ CEO Navin Vethanayagam said: "KRWQ fills a critical gap in the market, as there has never been a trusted Korean won stablecoin launched at scale."
Notably, KRWQ is currently not available to residents of South Korea, as local stablecoin regulations are still being developed. Minting and redemption of the stablecoin are limited to qualified counterparties such as exchanges, market makers, and institutional partners.
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