KRWQ
KRWQ is a Korean won stablecoin built by IQ with Frax infrastructure, offering multichain KRW payments, cross-chain transfers, and DeFi trading for individuals, businesses, and institutions globally.
- Company typePrivate
- Founded-
- HeadquartersBangkok, Thailand
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What KRWQ does
KRWQ is a Korean won-denominated stablecoin built by IQ with Frax as its institutional-grade infrastructure partner, targeting a 1:1 peg to ₩1 and offering KRW payments, cross-chain transfers, and DeFi trading for individuals, businesses, and institutional users. The product suite includes the core KRWQ stablecoin deployed across seven blockchain networks (Base as primary, plus Ethereum, Polygon, Solana, Fraxtal, Codex, and Morph), a LayerZero-powered cross-chain bridge, a USDC-based mint/redeem module, and a real-time transparency dashboard with 30-second reserve updates verified by Chainlink oracles. KRWQ maintains 100%+ asset backing comprising Korean Treasury Bonds (held at Shinhan Securities via Etherfuse's Stablebond framework), USDC, and frxUSD, with monthly attestations and Travel Rule/AML/KYC compliance.
The business model derives revenue from mint/redeem transaction fees, with cash flows flowing to the IQ token as the value accrual layer. Distribution operates through a hybrid go-to-market combining product-led growth (self-serve mint/redeem, partner apps and wallets including MetaMask and Exodus, Aero/Drome DEX aggregator), API-first developer integration with SDKs, and enterprise field sales via Fireblocks and EDX Markets for institutional access. Customer segments span individuals seeking global KRW access and remittance (minutes versus T+2), businesses managing KRW treasury operations and commerce settlements, Korean banks and DeFi protocols seeking compliant on/off ramps, and FX traders targeting offshore NDF market alternatives. The founding team includes Co-Founders Andy Cho (조준석), Navin Vethanayagam, and César Rodríguez, with COO Dave Shin, Product Manager Jaewon Cho, and Head of Marketing Nelly Lim, distributed across Seoul and the broader KRWQ contributor network, headquartered in Bangkok, Thailand.
KRWQ firmographics
Firmographics- Name
- KRWQ
- Legal name
- KRWQ
- Website
- https://krwq.cash
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- KRWQ is a Korean won stablecoin built by IQ with Frax infrastructure, offering multichain KRW payments, cross-chain transfers, and DeFi trading for individuals, businesses, and institutions globally.
- Ownership category
- akta.pro rank
KRWQ industry classification
Industry- Product category
- Stablecoin Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Stablecoin Issuers (Fiat-Backed) (FSADADAA)
- akta.pro secondary industries
- Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Compliance, Attestations, Proof-of-Reserves & Reporting (Stablecoins) (FSADADAI), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), Cross-Chain Bridging & Interoperability for Stablecoins (FSADADAH), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE)
Keywords
Where KRWQ is headquartered
LocationHeadquarters
- HQ city
- Bangkok
- HQ country
- Thailand
- HQ region
- Asia
Offices2 records
Markets served
KRWQ business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain, Others
Revenue model
- Stablecoin Transaction Fees: Fees from minting and redemption flows of the KRWQ stablecoin. The website mentions mint/redeem functionality with USDC conversion.
- IQ Token Value Capture: Cash flows and fees from the stablecoin flow to the IQ token, creating value accrual for IQ token holders.
Go-to-market motion3 records
Distribution channels6 records
Marketing channels6 records
KRWQ product offering
Product offeringCore offering
KRWQ is a fiat-backed, multi-chain Korean won stablecoin targeting a 1:1 peg to the Korean won (₩1) with 100%+ asset backing from Korean Treasury Bonds (held at Shinhan Securities), USDC, and frxUSD reserves. The product suite includes the KRWQ stablecoin across seven blockchains, a LayerZero-powered cross-chain Bridge, a USDC-based Mint/Redeem module, and a real-time Transparency Dashboard. It enables KRW payments, cross-chain transfers, and on-chain FX/DeFi trading for both individual users (remittance, global KRW access) and businesses/institutions (treasury operations, programmable vendor payouts, commerce settlement).
Product overview
KRWQ is a platform-plus-modules offering centered on the KRWQ stablecoin as the core product. The platform includes the multichain KRWQ stablecoin (Base, Ethereum, Polygon, Fraxtal, Codex, Morph), supported by the KRWQ Bridge for cross-chain transfers via LayerZero, a Mint/Redeem module for converting between USDC and KRWQ, and a Transparency Dashboard providing real-time reserve verification via Chainlink. KRWQ is built by IQ with Frax as infrastructure partner, and offers compliance features including Travel Rule alignment and AML/KYC controls.
Differentiator
Problem solved
Functional benefit
Products and services
- KRWQ Stablecoin Fiat-backed multichain Korean won stablecoin targeting a 1:1 peg to the Korean won (₩1), with reserves disclosed in real time and mint/redemption flows audited end-to-end. It operates across Base, Ethereum L1, Polygon, Solana, Fraxtal, Codex, and Morph L2 networks with 100%+ asset backing from Korean Treasury Bonds, USDC, and frxUSD reserves.
- KRWQ Bridge Cross-chain bridge powered by LayerZero enabling transfers of KRWQ between Ethereum and Base networks, facilitating liquidity movement across blockchain platforms.
- KRWQ Mint/Redeem On-platform minting and redemption functionality allowing users to convert USDC to KRWQ and vice versa, enabling on/off ramps for the stablecoin with end-to-end audited flows.
- KRWQ Transparency Dashboard Real-time reserve transparency portal showing total KRWQ minted and reserve assets including Korean Treasury Bonds (KTB), USDC, and frxUSD held at Shinhan Securities, with data updated every 30 seconds and Chainlink automated reserve verification.
Quantifiable outcome
- Over ₩1 billion in trading volume within one month of launch
- +2 more outcomes
Companies that use KRWQ
Customer profileSegments4 records
Ideal customer profiles4 records
KRWQ technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature5 records
KRWQ partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core, major and minor.
- Shinhan SecuritiescoreShinhan Securities, one of South Korea's largest securities firms, serves as the custodian for Korean Treasury Bonds (KTB) held as reserve assets. KRWQ began acquiring tokenized Korean government bonds held at Shinhan Securities through Etherfuse's Stablebond framework.
- FraxcoreFrax is the stablecoin infrastructure partner providing institutional-grade infrastructure backed by BlackRock's BUIDL, Superstate's USTB, and WisdomTree. FraxNet integration enables efficient KRW-USD settlement across multiple blockchain platforms including Ethereum.
- FraxNetcoreIntegration with FraxNet enables efficient KRW-USD settlement and expands KRWQ's presence across multiple blockchain platforms. Part of Frax's cross-chain stablecoin settlement network.
- IQcoreIQ is the company that created KRWQ, bringing seven years of Korean market operations with listings on Upbit, Bithumb, and other top exchanges. Cash flows and fees from the stablecoin flow to the IQ token.
- Etherfuse / StablebondcoreEtherfuse's Stablebond framework handles tokenization of Korean government bonds, marking the first time tokenized Korean sovereign debt has been incorporated into a KRW-denominated stablecoin's collateral structure.
- ChainlinkcoreKRWQ adopted Chainlink for automated reserve verifications, ensuring real-time transparency of reserves backing the stablecoin.
- Base (Coinbase)coreKRWQ is deployed on Coinbase's Base L2 network as its primary blockchain. Fireblocks integration also uses Base for institutional access.
- FireblocksmajorKRWQ available on Fireblocks via Base, expanding institutional access to Korean won markets. Fireblocks provides institutional custody and management platform.
- LayerZeromajorLayerZero powers the KRWQ bridge functionality between Ethereum and Base, enabling cross-chain transfers of KRWQ.
- EDX MarketsmajorKRWQ listed on EDX Markets (Wall Street-backed crypto exchange) in March, targeting Asia FX market using won stablecoins.
- Upbit & BithumbmajorKRWQ's creator IQ has 7 years of listings on Upbit, Bithumb, and other top Korean exchanges.
- Polygon LabsmajorKRWQ is live on Polygon L1 as part of Polygon Labs, Frax, and Curve Finance's onchain FX markets initiative.
- SolanamajorKRWQ expanded to Solana following March EDX Markets listing, expanding multi-chain distribution.
- BlackRock, Securitize, Superstate, WisdomTreeminorMentioned as part of Frax's infrastructure ecosystem (BlackRock's BUIDL, Superstate's USTB, WisdomTree) that Frax infrastructure supports.
- Bloomberg, The BlockminorPartner logos displayed on homepage. Bloomberg coverage on Wall Street-backed crypto exchange targeting Asia FX market using won stablecoins.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
KRWQ competitors and assessment
Company assessmentDirect peers
- Frax Finance: Frax is both KRWQ's infrastructure partner and a comparable stablecoin issuer using institutional-grade tokenized reserves (BlackRock BUIDL, Superstate USTB, WisdomTree). FraxNet provides cross-chain settlement that KRWQ integrates with, mirroring KRWQ's hybrid on-chain FX model.
- BDACS (KRW1): BDACS launched KRW1 on Avalanche in 2025 as a competing Korean won stablecoin. This is KRWQ's most direct head-to-head competitor for the same currency denomination, target market, and use cases, with potentially stronger Korean domestic regulatory positioning.
- Paxos (PYUSD / Pax Dollar): Paxos issues regulated, fully-backed fiat stablecoins including PYUSD with monthly attestations and multi-chain distribution. KRWQ mirrors Paxos's compliance-first, attestation-driven model but for KRW denomination.
Emerging players
- Stargate Finance: Stargate is LayerZero's flagship cross-chain bridge protocol, the same infrastructure powering KRWQ's bridge between Ethereum and Base. Both enable stablecoin liquidity movement across chains, addressing the same interoperability problem.
- Ondo Finance: Ondo Finance pioneered tokenized US Treasury products as collateral for stablecoin-like instruments. KRWQ's tokenized Korean Treasury Bond reserves via Etherfuse Stablebond follow a parallel architectural model applied to Korean sovereign debt.
- M0 Company: M0 provides shared stablecoin infrastructure that enables MetaMask, Exodus, and others to launch stablecoins, with KRWQ integrated as a partner. Both operate as stablecoin issuance infrastructure layers serving downstream wallet and application distribution.
- Mountain Protocol (USDM): Mountain Protocol issues USDM backed by tokenized US Treasury bills with on-chain attestations. KRWQ's tokenized KTB collateral at Shinhan Securities parallels this treasury-backed stablecoin architecture applied to Korean sovereign debt.
- Etherfuse: Etherfuse's Stablebond framework tokenizes emerging-market sovereign bonds, and is the technology partner enabling KRWQ's tokenized Korean Treasury Bond reserves. Both target tokenized sovereign debt as collateral infrastructure for emerging-market on-chain financial products.
Broad incumbents
- Tether: Tether (USDT) is the dominant fiat-backed stablecoin globally with over 85% market share combined with USDC. KRWQ targets the same fiat-backed stablecoin model with a non-USD (KRW) denomination, competing for the same on-chain FX and treasury use cases.
- Circle (USDC): Circle issues USDC, the second-largest fiat-backed stablecoin and a featured partner on KRWQ's media page for KRW FX modernization. Both offer regulated, fully-backed stablecoins with multi-chain distribution and institutional infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
KRWQ social profiles
Digital presenceKRWQ compliance and trust
Trust signalCompliance1 record
KRWQ financial estimates
Financial estimateRevenue estimate
Valuation estimate
KRWQ leadership team
Management profileNumber of profiles
Profiles6 records
KRWQ funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
KRWQ M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about KRWQ
What does KRWQ do?
KRWQ is a fiat-backed, multi-chain Korean won stablecoin targeting a 1:1 peg to the Korean won (₩1) with 100%+ asset backing from Korean Treasury Bonds (held at Shinhan Securities), USDC, and frxUSD reserves. The product suite includes the KRWQ stablecoin across seven blockchains, a LayerZero-powered cross-chain Bridge, a USDC-based Mint/Redeem module, and a real-time Transparency Dashboard. It enables KRW payments, cross-chain transfers, and on-chain FX/DeFi trading for both individual users (remittance, global KRW access) and businesses/institutions (treasury operations, programmable vendor payouts, commerce settlement).
Is KRWQ a public or private company?
KRWQ is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was KRWQ founded?
KRWQ was founded in -1. It employs 11 to 50 people.
Where is KRWQ based?
KRWQ is headquartered in Bangkok, Thailand, in the Asia region.
How does KRWQ make money?
Two revenue lines are on record. Stablecoin Transaction Fees are the primary driver. The others are IQ Token Value Capture.
Who are KRWQ's main competitors?
Direct peers on record are Frax Finance, BDACS (KRW1) and Paxos (PYUSD / Pax Dollar). Emerging players are Stargate Finance, Ondo Finance, M0 Company, Mountain Protocol (USDM) and Etherfuse. Broad incumbents are Tether and Circle (USDC).
Does KRWQ have an API?
No public API is recorded for KRWQ.
What industry is KRWQ in?
KRWQ's product category is Stablecoin Infrastructure. Its primary akta.pro industry code is FSADADAA, Stablecoin Issuers (Fiat-Backed), with a secondary code of FSAPAIAJ, Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails). Its NAICS code is 522320 and its SIC code is 6200.