KRWQ, the world’s largest Korean won stablecoin built by IQ and Frax, has adopted Chainlink’s industry-standard oracle platform, including Proof of Reserve, to power automated reserve transparency.
Proof of Reserve leverages Chainlink’s time-tested oracle infrastructure, which has enabled over $31 trillion in transaction value, to provide real-time updates for reserves backing digital assets with superior transparency and reliability compared to annual statutory audits, interim audits, and monthly proof of reserves.
KRWQ is the first fiat-backed stablecoin pegged 1:1 to the Korean won, with reserves backed by tokenized U.S. Treasuries. Utilizing Proof of Reserve, delivered via a KRWQ Chainlink Data Stream, KRWQ boosts the transparency of its offchain reserves to accelerate its distribution throughout the onchain economy.
Chainlink secures the vast majority of DeFi and is the leading infrastructure provider connecting global financial institutions such as Swift and UBS to the blockchain economy. Chainlink also supports government use cases by delivering data from the U.S. Department of Commerce onchain.
Earlier this year, Chainlink Labs joined the Global Alliance for KRW Stablecoins (GAKS), established by WEMADE, to expand compliant real-world usage of KRW-backed stablecoins like KRWQ by ensuring they maintain data integrity and stability aligned with global financial market standards.
In an official announcement, KRWQ’s Chief Operating Officer, Dave Shin, emphasized Chainlink’s role in enhancing the transparency, reliability, and utility of Korean won stablecoins.
“By adopting Chainlink Proof of Reserve, we are providing users and developers with real-time, tamper-proof verification of KRWQ’s reserve backing, establishing the trust and risk management standards required for broader DeFi and institutional adoption,” he said.
“As the largest Korean won stablecoin on Solana, we are excited to work with Chainlink to support the growth of the world’s largest onchain Korean won FX market.”
To learn more about KRWQ, visit their website, X, and Telegram.