Korean Stablecoin, Krqw, Expands To Solana

$KRWQ, the Korean won-pegged stablecoin, is extending its multichain footprint to @Solana, targeting more than $100 billion in daily fiat volume that currently flows through traditional foreign exchange markets.

Bringing the Won On-Chain

KRWQ was developed by IQ in partnership with Frax as the world's first fiat-backed, multichain Korean won stablecoin. Each KRWQ token is fully backed 1:1 by won reserves held with regulated partners and, through LayerZero's OFT standard, operates as a unified asset across every connected blockchain. The move to @Solana builds on that multichain model, adding one of the fastest settlement layers in crypto to an infrastructure already live on Base, Ethereum, and other networks.

The scale of the market opportunity is substantial. KRWQ is positioned as a blockchain-based alternative to the $100 billion-plus NDF and offshore KRW markets, with more than $60 billion in daily volume in the Korean won NDF market and over $40 billion in daily Korean won spot trading. Deployment on @Solana is designed to give that volume access to near-instant settlement and deeper crypto-native liquidity pools.

Institutional Demand and a Changing Regulatory Backdrop

The expansion comes as institutional interest in $KRWQ grows. EDXM International, the crypto exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab, launched a perpetual futures contract on the KRWQ/USDC trading pair, marking the first time a non-USD stablecoin appeared across a fully integrated spot and derivatives trading stack.

KRWQ is being developed alongside Korea's upcoming stablecoin legislation to stay aligned with future regulatory standards, with only verified institutions such as exchanges and market makers permitted to mint or redeem the token. South Korea's push for local currency stablecoins accelerated following the election of pro-crypto President Lee Jae Myung, with the government aiming to strengthen monetary sovereignty in the digital finance era.

Roughly 18 million Koreans hold crypto, representing more than one-third of the adult population, underscoring the domestic appetite for won-denominated digital assets. The @Solana integration is aimed squarely at serving both that retail base and the institutional market makers who need efficient, around-the-clock KRW settlement.

Sources
LayerZero: KRWQ Launches as the First Multi-Chain Korean Won Stablecoin
FF News: KRWQ Makes History as First Non-USD Stablecoin on EDX
Seoulz: The Korea Won Stablecoin 2026 Race