Первые шаги к стабильности: KRWQ — корейский стейблкоин на сети Base Translation: First Steps to Stability: KRWQ — the Korean Stablecoin on the Base Network

The companies IQ and Frax have introduced a stablecoin, KRWQ, pegged to the South Korean won. This asset marks the first token of its kind on the L2 solution Base, as reported by The Block.

The team has already integrated the KRWQ-USDC pair on the decentralized exchange Aerodrome. The coin utilizes the Omnichain Fungible Token standard from LayerZero and the Stargate bridge for blockchain interoperability.

*»KRWQ will fill a significant gap in the market. Currently, US dollar-based stablecoins dominate, but no reliable asset pegged to the won has been launched on a large scale,»* stated IQ’s CEO Navin Vethanayagam.

At present, residents of South Korea cannot utilize the stablecoin, as legislation concerning such assets has yet to be enacted within the country. The issuance and redemption of KRWQ are restricted to authorized partners, including exchanges, market makers, and institutional firms.

IQ aims to establish KRWQ as the first fully compliant stablecoin in Korea, taking into account a bill being developed by local lawmakers and financial authorities.

Meanwhile, Japanese startup JPYC has released the world’s first stablecoin tied to the yen’s exchange rate. This asset is fully backed by national savings and government bonds, according to Reuters.

The company plans to issue JPYC amounting to 10 trillion yen ($66 billion) over the next three years, striving for widespread adoption beyond Japan. To attract users, the startup will not impose transaction fees. JPYC expects to generate primary income from interest on government bonds.

Project leader Noritaka Okabe mentioned that they are open to partnerships to enhance «global compatibility.»

Tomoyuki Shimoda, a former Bank of Japan employee, believes that yen-based stablecoins will struggle to achieve the popularity of US dollar-pegged assets. He suggests that it may take at least two to three years for JPYC to gain substantial traction in Japan, even with the involvement of major banks.

Reizo Himino, Deputy Governor of the Bank of Japan, noted that stablecoins could become a key player in the global payment system and partially replace bank deposits. He urged global regulators to adapt to these new conditions.

It is worth mentioning that in October, media reports indicated that three of Japan’s largest banks are preparing to collaborate on the issuance of stablecoins.