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About KRWQ.cash
KRWQ is a Korean Won (KRW) stablecoin built on blockchain rails, developed by IQ in partnership with Frax. Its core business is providing an on-chain settlement layer for KRW-denominated transactions, including cross-border remittances, treasury operations, and institutional FX trading.
Market pain points: traditional KRW settlement is slow (T+2), expensive (3-6% remittance fees), and opaque, especially in the offshore NDF market. KRWQ solves this with instant, low-cost, transparent on-chain settlement, backed by tokenized Korean government bonds held by Shinhan Securities.
Core competitiveness: full-reserve backing with verifiable reserves (Chainlink Proof of Reserve), institutional-grade security (Fireblocks custody), multi-chain deployment (Base, Polygon, Solana), and deep liquidity via Curve FXSwap pools.
Development in the past six months (2026-03-04 to 2026-09-04):
- March 2026: Curve governance approved adding KRWQ/frxUSD pool to gauge controller, boosting liquidity; launched world's first KRW stablecoin perpetual futures with EDXM International and Spark Systems, targeting the $27B daily NDF market.
- April 2026: Listed on EDX Markets spot platform, becoming the first non-USD stablecoin on both spot and perpetual markets.
- May 2026: Expanded to Solana; integrated with Fireblocks for institutional custody.
- June 2026: Adopted Chainlink Proof of Reserve for automated reserve verification.
- July 2026: Announced testing as payment rail for AI agents with Theseus Network; listed on Grow for tokenized RWA access.
Negative: KRWQ is not a CBDC and is not marketed to South Korean residents, limiting domestic adoption. Regulatory uncertainty around stablecoins in Korea remains a risk.
Key KRWQ progress over the past six months:
Infrastructure and institutional access: In May, KRWQ became available on Fireblocks via Base, easing institutional custody and settlement; it then expanded to Solana as a core KRW settlement asset, supporting KRW-denominated perps, onchain FX, and cross-margin trading.
Transparency and compliance: On June 16, it became the first KRW stablecoin to adopt Chainlink Proof of Reserve, enabling automated, tamper-proof verification of reserves.
Derivatives breakthrough: With EDXM International and Spark Systems, KRWQ launched the world's first KRW stablecoin perpetual futures, targeting the ~$27B daily offshore KRW NDF market.
Ecosystem payments: On August 18, KRWQ signed an MOU with NEXUS to explore integrating KRWQ into ONEchain, ONEPay, and the global ONE Store for gaming and digital content pricing, payments, and settlement, while evaluating KRWQ as a developer payout currency.
Future focus: Connect KRWQ to ONEchain, advance ONEPay and ONE Store integration and liquidity, and continue building the KRW onchain settlement layer across FX, institutional derivatives, and payments.
Dave Shin, COO. Former senior roles at TD Securities, Barclays, Morgan Stanley, and blockchain firms like LayerZero, Immutable, Tezos, and Bitcoin.com. Led business development across Asia. Other co-founders and core executives are not disclosed in available sources.