Today marks a major step forward in our mission to build the most liquid onchain FX market: KRWQ, the first fiat-backed Korean won stablecoin, is now live on Codex.

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KRWQ represents something the market has been missing. A compliant, scalable way to bring one of Asia's most traded currencies onchain, and it's coming to Codex with real momentum already behind it.

What is KRWQ?

KRWQ is the first multichain stablecoin pegged 1:1 to the South Korean won (KRW). Built by IQ in partnership with Frax, it combines IQ's deep Korean market expertise with Frax's battle-tested stablecoin infrastructure. The result is a fiat-backed stablecoin designed specifically for institutional-grade liquidity and DeFi integration.

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Less than two weeks after its initial launch, KRWQ crossed ₩1 billion in trading volume, a clear signal that markets were waiting for this. With integration across major chains via LayerZero's OFT standard, KRWQ is rapidly becoming the foundational KRW asset for onchain finance.

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Minting and redemption are restricted to KYC'd counterparties including exchanges, market makers, and institutional partners, ensuring the infrastructure meets compliance standards while maintaining the liquidity depth serious traders require.

Why This Matters for Codex

Our vision has always been clear: build the most liquid onchain FX market. That means more than just having the deepest USDC pools. It means creating infrastructure where any currency can be traded efficiently, where settlements happen in seconds instead of days, and where the friction of traditional forex markets simply disappears.

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“KRWQ joining Codex is exactly what we envisioned when we set out to build the most liquid onchain FX infrastructure. The Korean won is a major global currency with deep institutional demand, and bringing it onchain with proper backing and compliance creates entirely new markets. This is how we move from isolated stablecoin pools to a truly interconnected currency exchange layer.”
— Haonan Li, CEO and Co-Founder, Codex

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KRWQ is a critical piece of this puzzle. The Korean won is the 12th most traded currency globally and a gateway to one of the world's most sophisticated crypto markets. Bringing KRW onchain with real institutional backing creates new use cases that didn't exist before.

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“Launching on Codex was a natural choice. Their infrastructure is purpose-built for deep FX liquidity, and we're seeing real demand for efficient KRW settlement rails. This partnership gives institutions access to the Korean won onchain at scale.”
— Dave Shin, COO, KRWQ

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When you have liquid markets for KRW, USD, EUR, and other fiat-backed stablecoins all trading on the same rails, you're building the future of onchain FX.

What Comes Next

KRWQ launching on Codex is just the beginning, joining recent non-USD stablecoin launches on the network like TRYB, a Turkish Lira-backed stablecoin.

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As more regional stablecoins come onchain with proper backing and compliance frameworks, Codex will be the natural home for deep, efficient FX markets.