EDXM International, a crypto exchange backed by Citadel Securities, is set to launch a KRW-linked perpetual futures contract by early April. This product, reported by Bloomberg, will be the first blockchain-native instrument to compete directly with the offshore KRW derivatives market. The KRW NDF market, processing around $27 billion in daily trading volume, is the largest of its kind globally, driven by South Korea's restricted KRW convertibility and significant foreign investor exposure. The new futures contract will utilize KRWQ, a KRW-backed stablecoin created by Brainpower Labs, allowing traders to go long or short against USDC. Settlement will occur entirely in USDC, mirroring the non-deliverable nature of traditional NDFs. EDXM CEO Kai Kono highlighted that the cost structure could be 50% to 75% lower than traditional KRW NDFs, with instant settlement. While South Korea's Financial Services Commission has not commented, the product's offshore structure aims to circumvent Korean capital control rules, potentially challenging the current regulatory landscape.