Dunamu "Frax·IQ and a won stablecoin? Not true at all"

Domestic crypto exchange operator Upbit's operator Dunamu was reported to have prepared a won stablecoin business with Frax Finance (FXS) and IQ, but this has been confirmed to be untrue.

On the 30th, a Dunamu official told BloomingBit, "It is true that Frax Finance and IQ issued a won stablecoin on Dunamu's self-developed blockchain 'Giwa Chain', but Dunamu did not directly participate or cooperate. The issuers simply deployed the stablecoin on the blockchain on their own."

Dunamu also emphasized that it has not formed any separate partnership with Frax Finance or IQ. An Upbit official stated, "Although personnel from the two companies met, they did not form a cooperative relationship," and added, "Reports that Frax Finance and IQ are preparing in advance to start a won stablecoin business with Dunamu are not true. Dunamu is not considering any partnership with Frax or IQ regarding Giwa Chain."

Meanwhile, Frax and IQ said in response, "We were quite surprised to see the report. We have never mentioned or announced any form of official partnership with Upbit or Dunamu."

KRWT, the won stablecoin issued by Frax Finance and IQ based on Giwa Chain, is backed by USDC issued by Circle and is redeemable 1:1 reflecting the exchange rate at issuance. Currently, only certain users who have completed customer identification (KYC) can issue it.

Previously, Dunamu announced in July plans to pursue a won stablecoin business through cooperation with Naver Pay.