PANews reported on May 13th that KRWQ, a stablecoin denominated in Korean won, has announced its expansion to the Solana network to support on-chain Korean won liquidity. Created in partnership with IQ and Frax, the team stated that this deployment will make KRWQ a core settlement asset for Korean won liquidity on Solana. KRWQ will support various Korean won-denominated trading applications on Solana, including perpetual futures, on-chain forex markets, arbitrage strategies, cross-margin trading between Korean won and US dollar stablecoins, and institutional and algorithmic trading systems. The team stated that Solana's low-latency execution and deep liquidity were the reasons for choosing this network.

In March of this year, KRWQ was listed on EDX Markets' spot and perpetual contract markets, including the launch of Korean won perpetual futures on EDXM International. The stablecoin, first launched last October, was the first Korean won stablecoin on Base Layer 2.