Base Welcomes Korean Won Stablecoin KRWQ

IQ and Frax have launched the KRWQ stablecoin on the Base network.

The two companies have revealed in a press release that their joint Korean Won stablecoin, KRWQ, has officially launched on Coinbase's Layer 2 network. KRWQ so far has nearly 150M in supply with a 2.4% overcollateralisation. It uses Frax's stablecoin infrastructure, which itself includes trusted BlackRock's BUIDL and Superstate's USDT funds.

Reacting to the news, Chief Brain of IQ Navin Vethanayagam expressed:

"KRWQ fills a critical gap in the market. While USD-backed stablecoins dominate today, no credible won-denominated stablecoin has ever launched at scale. IQ has been active in Korea since 2018, building liquidity on Upbit and Bithumb, and we bring deep experience in DeFi and AI. Together with Frax, leaders in scalable stablecoin infrastructure, we are proud to be the first to bring the Korean won on-chain, starting with Base."

Adding to this, Founder and CEO Sam Kazemian stated:

"Frax has always focused on building secure and scalable stablecoin infrastructure. Partnering with IQ to launch KRWQ extends that model to the Korean won for the first time, creating new opportunities for the global DeFi ecosystem. Frax is proud to make history together."

On Base KRWQ has already established $40M liquidity pool via the DeFi protocol Aerodrome that has gained popularity throughout 2025 and recently paired up with Coinbase to support their rewards. KRWQ is also available on Ethereum with further integrations for other chains and attestation reports to be updated at a later date.