---
title: "KRWQ (KRWQ) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/krwq-iq/"
description: "Build-time stablecoin profile for KRWQ (KRWQ). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# KRWQ (KRWQ)

**Peg:** Korean Won

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

First 1:1 KRW stablecoin from IQ/Frax, transitioning from USDC backing to a Korean T-bond-heavy reserve via Etherfuse Stablebonds; KYC-gated institutional access. KRWQ is the first stablecoin pegged 1:1 to the South Korean won, launched October 2025 by IQ in partnership with Frax. It uses LayerZero's Omnichain Fungible Token (OFT) standard with Ethereum as the canonical mint chain and Base as the primary bridged destination, sharing unified supply across deployments. Reserves are transitioning from initial USDC backing toward a target mix dominated by short-term Korean Treasury Bonds, which are tokenized through Etherfuse's Stablebond framework and held in segregated, bankruptcy-remote custody at Shinhan Securities, alongside USDC and Frax frxUSD. Mint and redemption are KYC-gated to institutional counterparties (exchanges, market makers, OTC desks), and KRWQ is explicitly not marketed to South Korean residents while domestic stablecoin legislation moves through the National Assembly. The issuer commits to independent monthly attestations starting 2025 but has not yet named an auditor or published a report; live reserves are currently a self-reported on-chain dashboard. Reserves anchor on tokenized Korean {{term:treasury}}treasury bonds{{/term}} as {{term:rwa}}RWA{{/term}} held in segregated Shinhan Securities {{term:custody}}custody{{/term}}, with KYC-gated {{term:redemption}}redemption{{/term}} and LayerZero OFT acting as the cross-chain {{term:bridge}}bridge{{/term}}.

## Collateral

Mixed reserves transitioning from USDC-only toward a target mix dominated by short-term Korean Treasury Bonds. Current composition includes USDC (Circle), Frax frxUSD, and tokenized Korean Treasury Bonds issued via Etherfuse's Stablebond framework and held in segregated, bankruptcy-remote custody at Shinhan Securities.

## Peg Mechanism

Centralized issuance against a 100% reserve. Mint and redemption are gated to KYC-verified institutional counterparties (exchanges, market makers, OTC desks). Ethereum is the canonical mint chain; Base and other destinations share unified supply via LayerZero OFT v2. KRWQ is not offered to South Korean residents pending domestic stablecoin legislation under the Korean National Assembly.

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| South Korea | Financial Services Commission (FSC) | Unlicensed; designed for forthcoming Korean stablecoin legislation |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xc00db6b41473d065027f5ed6fada20fde75f142e` | 18 |
| base | `0x370923d39f139c64813f173a1bf0b4f9ba36a24f` | 18 |
| polygon | `0x44C3950a6Ed303c863A6568EA18c1A01e504FFd2` | 18 |
| fraxtal | `0xbe5b2eb217bb04a7ddd1a451e6a1567dc15e2fd6` | 18 |
| codex | `0xe898e1cffa565aae8bacc364aa7d65d6a2d20f16` | 18 |
| morph-l2 | `0xe898e1cffa565aae8bacc364aa7d65d6a2d20f16` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/krwq-iq.