KRWQ, the first fiat-backed stablecoin pegged 1:1 to the South Korean won, today announced its official launch on Fraxtal, the high-performance blockchain optimized for stablecoins. This expansion represents a major milestone in KRWQ’s multichain strategy, establishing a robust on-chain corridor between the won and the global decentralized finance (DeFi) ecosystem.
KRWQ is debuting on Velodrome with a substantial liquidity pool paired with frxUSD, Frax’s GENIUS compatible stablecoin. This launch follows KRWQ’s recent integration into FraxNet, Frax’s unified infrastructure for cross-chain settlement, and comes as KRWQ surpasses 5 billion won in cumulative volume across its KRWQ-USDC Aerodrome pair on Base and its KRWQ-frxUSD Uniswap pair on Ethereum.
By launching on Fraxtal, which serves as the execution and settlement layer for frxUSD and future GENIUS-aligned stablecoin infrastructure, KRWQ is positioning itself as a foundational won-denominated asset for global commerce. Fraxtal is purpose-built for long-term economic activity, enabling payment, treasury, and savings use cases that mirror traditional finance with on-chain transparency and composability.
Native Utility and DeFi Integration
To ensure a native experience on Fraxtal, KRWQ utilizes LayerZero’s OFT (Omnichain Fungible Token) Standard, enabling 1:1 settlement, zero slippage, and one-click bridging via Stargate. This technical framework provides institutional-grade rails for won-denominated transactions across blockchains. Furthermore, KRWQ is set to be integrated into the Frax DeFi stack, which will enable future support for lending and borrowing via Fraxlend. Once live, this will allow market participants to utilize the won as collateral to access liquidity or earn yield natively within the Fraxtal environment using FRAX for gas.
“Launching on Fraxtal is the natural evolution of our mission to bring the Korean won to the global stage,” said Dave Shin, COO of KRWQ. “By integrating with the Frax ecosystem during this era of institutional adoption, we are providing a compliant, high-speed corridor that bridges the gap between the won and the digital dollar-led economy.”
“KRWQ’s expansion into Fraxtal is a clear example of how national currencies can thrive within a regulated and capital-efficient blockchain environment,” said Sam Kazemian, Founder and CEO of Frax. “Fraxtal is designed for this exact purpose: to serve as the execution layer for the next generation of stablecoin-driven financial services.”
“Korea is one of the most sophisticated markets in the world for digital assets,” added Navin Vethanayagam, Chief Brain of IQ. “With KRWQ live on Fraxtal and a clear path toward lending and borrowing integration, the won is finally gaining the high-velocity on-chain utility required for global digital finance.”
About Frax
Frax is building the first stablecoin operating system: combining frxUSD (GENIUS-aligned stablecoin), FraxNet (the fintech account layer), and Fraxtal (a high-performance L1)—to bring programmable, compliant digital dollars to the world. Learn more at Frax.com.
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