KRWQ removes tokenized South Korean government bonds from reserve assets.

TechFlow reports that on September 10, according to the Seoul Economic Daily, the offshore won-denominated stablecoin KRWQ has removed its tokenized Korean treasury bills (KTB) from its reserve assets, just six months after their inclusion. KRWQ's reserves now consist solely of two US dollar stablecoins: USDC and frxUSD. KTB was jointly issued by Shinhan Securities and the RWA tokenization platform Etherfuse, backed by Korean government bonds maturing in under one year.

Shinhan Securities stated that upon learning KTB was being used as a reserve asset, the firm identified compliance risks and requested Etherfuse to remove it, explicitly stressing that it maintains no partnership with KRWQ. Previously, KRWQ promoted itself as the "first won-denominated stablecoin to utilize tokenized Korean government bonds as reserve assets." The project currently continues to face money laundering scrutiny.