KRWQ, a Korean won stablecoin, has removed KTB, a tokenized Korean Treasury bond, from its reserve assets, according to Odaily. The project’s reserves are now made up only of USDC and frxUSD. The input provided no details on when the change was made beyond the publication timestamp, and it did not include any explanation for the adjustment. No additional reserve assets were mentioned in the source. The report was published as a 7x24 newsflash by Odaily on Sept. 10, 2026.

South Korea is moving faster on a won-pegged stablecoin after about $115 billion flowed into dollar-backed tokens in 2025, prompting concerns over FX stability, monetary policy, and cross-border reporting.

Asia spent 2025 building non-USD stablecoin infrastructure, with Japan and South Korea leading new yen- and won-linked projects. Dollar-backed tokens still dominate, but local-currency use cases are expanding.

EDXM International plans blockchain-based won futures backed by KRWQ and settled in USDC, aiming to bring real-time crypto-native access to KRW/USD risk trading.

EDXM International, backed by Citadel Securities, will launch KRW perpetual futures in early April using the KRWQ stablecoin. The product aims to undercut the traditional $27 billion offshore KRW NDF market by 50-75% in costs.

KRWQ has expanded to Solana to support KRW-linked on-chain settlement, aiming at $40 billion in daily spot volume and $60 billion in NDF activity as demand grows for non-USD trading infrastructure.

Polygon Labs, Frax, Curve Finance and DFB Network have launched forex liquidity pools on Polygon for fiat-pegged stablecoin swaps using frxUSD, targeting the $6.6 trillion daily FX market with transparent pricing and instant settlement.

South Korea now has two stablecoins both named KRWQ: TokenSquare's BSV-based KRWQ for payment infrastructure, and IQ/Frax Finance's KRWQ listed on EDX Markets for institutional derivatives trading. The split reflects regulatory uncertainty and the global shift of non-USD stablecoins from trading pairs to full payment rails.