KRWQ

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.

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

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

• Korean won stablecoin
• Fiat-backed stablecoin
• Cross-chain payments
• DeFi FX trading
• Tokenized government bonds

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

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

1. Stablecoin Transaction Fees: Fees from minting and redemption flows of the KRWQ stablecoin. The website mentions mint/redeem functionality with USDC conversion.
2. 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

Core 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

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

15 partnerships are on record, tiered core, major and minor.

• Shinhan SecuritiescoreStrategic or Co-development Partner · 24 February 2026Shinhan 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.
• FraxcoreTechnology or Integration · 10 December 2025Frax 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.
• FraxNetcoreTechnology or Integration · 10 December 2025Integration 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.
• IQcoreStrategic or Co-development PartnerIQ 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 / StablebondcoreTechnology or IntegrationEtherfuse'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.
• ChainlinkcoreTechnology or IntegrationKRWQ adopted Chainlink for automated reserve verifications, ensuring real-time transparency of reserves backing the stablecoin.
• Base (Coinbase)coreTechnology or IntegrationKRWQ is deployed on Coinbase's Base L2 network as its primary blockchain. Fireblocks integration also uses Base for institutional access.
• FireblocksmajorChannel Partner/ Reseller/ DistributorKRWQ available on Fireblocks via Base, expanding institutional access to Korean won markets. Fireblocks provides institutional custody and management platform.
• LayerZeromajorTechnology or IntegrationLayerZero powers the KRWQ bridge functionality between Ethereum and Base, enabling cross-chain transfers of KRWQ.
• EDX MarketsmajorChannel Partner/ Reseller/ DistributorKRWQ listed on EDX Markets (Wall Street-backed crypto exchange) in March, targeting Asia FX market using won stablecoins.
• Upbit & BithumbmajorChannel Partner/ Reseller/ DistributorKRWQ's creator IQ has 7 years of listings on Upbit, Bithumb, and other top Korean exchanges.
• Polygon LabsmajorTechnology or IntegrationKRWQ is live on Polygon L1 as part of Polygon Labs, Frax, and Curve Finance's onchain FX markets initiative.
• SolanamajorTechnology or IntegrationKRWQ expanded to Solana following March EDX Markets listing, expanding multi-chain distribution.
• BlackRock, Securitize, Superstate, WisdomTreeminorStrategic or Co-development PartnerMentioned as part of Frax's infrastructure ecosystem (BlackRock's BUIDL, Superstate's USTB, WisdomTree) that Frax infrastructure supports.
• Bloomberg, The BlockminorGTM or Marketing PartnerPartner 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

Direct 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

• GitHubgithub.com/KRWQ-cash
• Xx.com/krwqcash

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KRWQ