KRWQ, First Digital to pursue strategic cooperation… expanding accessibility to 'Wonsco'

First Digital, a digital-asset infrastructure company, said on the 13th that it will pursue strategic cooperation with KRWQ to expand access to a won-denominated stablecoin (a digital asset pegged to the value of fiat currency).

KRWQ is a fully collateralized won-based stablecoin developed by IQ and Frax.

Through this cooperation, the two companies plan to make it easier for overseas institutional investors to use won stablecoins and to strengthen payment and settlement functions with stablecoins based on other currencies such as the dollar.

First Digital will support the operation of KRWQ under the partnership. Specifically, it will assist institutional clients with KRWQ issuance and redemption procedures. It also plans to integrate related systems so that won stablecoins can be used in global payment and settlement processes.

However, KRWQ will not be sold in the Korean market, and issuance and redemption will be provided only to institutional partners—such as exchanges or market makers—that have completed know-your-customer (KYC) verification.

Going forward, the two companies said they will expand use cases for won-pegged stablecoins based on transparency and regulatory compliance.