KRWQ, the issuer of the first tradable Korean Won (KRW) stablecoin, today announced a strategic partnership with EDXM International and Spark Systems to launch the world’s first Korean Won stablecoin perpetual futures. The contract will launch on EDXM International and be integrated into Spark Systems’ eFX trading platform, enabling buy-side firms such as hedge funds and other institutional FX market participants to access KRW perpetual futures settled in USDC, with traders hedging exposure through KRWQ spot markets. This collaboration marks a significant milestone in the digital asset industry, providing a transparent, on-chain alternative to the massive offshore KRW Non-Deliverable Forward (NDF) market, which trades in the tens of billions of USD daily.
Since its launch in October 2025, KRWQ has rapidly gained traction as the first on-chain settlement layer for Korean Won trading. The stablecoin is designed to modernize KRW markets by offering a low-cost, fully-reserved settlement asset. Its reserves are uniquely positioned for institutional trust, including tokenized Korean government bonds held by Shinhan Securities, Korea’s premier investment bank.
Disrupting the $60B Daily NDF Market
The Korean Won is currently the largest NDF product globally, with a daily trading volume of $60-90BN. Despite its size, the traditional NDF market is characterized by high barriers to entry, often requiring ISDA agreements that result in opaque pricing and costly synthetic exposure.
By enabling direct long and short positions on KRW spot through stablecoin-settled perpetuals on EDXM International, KRWQ provides a capital-efficient and more accessible venue for macro desks and quant traders. This is particularly relevant as rising funding costs in other corridors, such as USD/JPY, make traditional KRW NDF access increasingly expensive for international trading firms.
“This partnership is a trailblazing moment for the Korean Won,” said Dave Shin, COO at KRWQ. “While we await further regulatory clarity onshore, we are building the infrastructure that allows the Won to be traded globally with the transparency and efficiency that only blockchain can provide. Working with EDXM International allows us to target the daily institutional flow of $60B that has traditionally been locked behind opaque TradFi products.”
Key Partnership Highlights:
First-in-Market Offering: The introduction of the first-ever KRW stablecoin perpetual futures, allowing for institutional-grade long/short positioning on tthe Korean Won.
Built for Institutional Investors: Integrated into Spark Systems’ eFX platform, which offers advanced technologies, ultra-low latency, built-in risk controls, customizability, and support from industry professionals.
Institutional Transparency: Bringing opaque, off-chain KRW trading volume onto a transparent, 24/7 accessible on-chain ledger.Reserve Security: KRWQ is backed by high-quality assets, including tokenized government bonds, ensuring a secure settlement layer for global transactions.
Regulatory Proactivity: By providing a transparent avenue for KRW trading now, KRWQ aims to lead discussions with Korean regulators regarding the upcoming stablecoin framework.
“This partnership is a major differentiator for EDXM International,” said Kai Kono, CEO of EDXM International. “Our shareholders and institutional clients are looking for innovative, first-of-their-kind products. By providing a venue for the first KRW stablecoin perpetual futures contract, we are enabling TradFi investors to engage with the Korean market through a familiar, secure, and highly liquid digital structure.”
“The launch of KRWQ stablecoin perpetual futures represents a meaningful step forward in how institutional markets can access Korean Won risk,” said Devang Bhatia, Chief Revenue Officer at Spark Systems. “By integrating KRWQ perpetuals into Spark’s low-latency FX trading infrastructure alongside traditional KRW NDFs, we are enabling our clients to manage, hedge, and execute KRW exposure across on-chain and offshore markets through a single UI and API structure. This unification allows institutional trading firms to deploy sophisticated execution and hedging strategies with greater efficiency, transparency, and capital flexibility.”
