IQ and Frax have announced the launch of KRWQ, a stablecoin pegged to the Korean Won, on the Base network. This marks the first stablecoin tied to the Korean Won on Coinbase's Ethereum Layer 2 network. The KRWQ-USDC trading pair is now available on the Aerodrome platform, and the stablecoin utilizes LayerZero's full-chain fungible token standard and the Stargate cross-chain bridge for multi-blockchain transfers. KRWQ is designed with regulatory compliance in mind, leveraging Frax's expertise, particularly from its frxUSD experience, to facilitate institutional adoption. However, due to regulatory developments in South Korea, KRWQ is not yet available to South Korean residents. The stablecoin's minting and redemption are restricted to eligible counterparties, including exchanges, market makers, and institutional partners.