KRWQ, launched by IQ in partnership with Frax, hits a key milestone
SEOUL, South Korea, Nov. 19, 2025 /PRNewswire/ -- KRWQ, the first fiat-backed and multichain stablecoin pegged 1:1 to the South Korean won (KRW), has officially surpassed 1 billion won in total trading volume less than two weeks after launch. The milestone coincides with the activation of AERO emissions on Aerodrome, expanding incentives for the KRWQ-USDC pool on Base and supporting deeper liquidity.
Developed by IQ in partnership with Frax, KRWQ combines IQ's established presence in the Korean market with Frax's proven stablecoin infrastructure. Frax's upcoming FraxNet network provides the technical foundation for scalable, asset-backed stablecoins, and KRWQ extends this model to the Korean won.
To enable interoperability, KRWQ uses LayerZero's OFT (Omnichain Fungible Token) standard and Stargate bridge, allowing the stablecoin to move seamlessly across blockchains with unified liquidity and zero-slippage transfers.
"Crossing one billion won in trading volume so quickly shows the market's need for a Korean won stablecoin," said Navin Vethanayagam, Chief Brain of IQ. "With AERO emissions now live on Aerodrome, KRWQ is on track to become the foundational KRW asset on Base and beyond."
"Frax focuses on secure, scalable stablecoin infrastructure," said Sam Kazemian, Founder and CEO of Frax. "KRWQ's early momentum shows how new fiat-backed stablecoins can integrate seamlessly with global DeFi liquidity while reflecting the same principles that power frxUSD and the Frax ecosystem."
"Surpassing ₩1B in volume so quickly not only underscores the growing global interest in KRW stablecoins among the Asian currencies, but also shows how building on multiple chains can result in immediate results," said Alex Lim, Head of APAC at LayerZero and Executive Director of the Asia Stablecoin Alliance. "KRWQ demonstrates how regional currencies can operate seamlessly across ecosystems through interoperable, on-chain frameworks."
Minting and redemption of KRWQ are limited to Eligible KYC'd counterparties, including exchanges, market makers, and integrated institutional partners. At this time, KRWQ is intended for use in global DeFi markets and is not being marketed or offered to Korean residents.
About KRWQ
KRWQ is the first fiat-backed stablecoin pegged 1:1 to the Korean won. Developed by IQ in partnership with Frax, KRWQ brings the Korean won on chain as a secure, compliant, and scalable settlement layer for global markets. KRWQ is built on proven infrastructure with a controlled mint and redeem framework designed for exchanges and market makers.
For more information, visit www.KRWQ.cash.
Media contact: Gary Bird, gary@43pr.com
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KRWQ Becomes the First Korean Won Stablecoin to Surpass ₩1 Billion in Trading Volume
One of Singapore's first dedicated commercial-scale LED Chip-on-Board (CoB) packaging facilities — anchoring a vertically integrated global semiconductor and advanced electronics supply chain spanning five countries across four continents.
SINGAPORE, June 10, 2026 /PRNewswire/ -- AEIM Pte Ltd, a wholly owned subsidiary of Polymatech Electronics Limited, today announced the opening of its advanced electronics manufacturing facility at Mapletree Hi-Tech Park, 163 Kallang Way, Singapore.
Backed by a committed investment of approximately US$25 million (S$32 million), the facility serves as Polymatech's Asia-Pacific manufacturing hub for LED Chip-on-Board (CoB) packaging, with advanced memory module assembly capability installed.
The facility is positioned as one of Singapore's first dedicated commercial-scale LED Chip-on-Board (CoB) packaging facilities and is expected to create approximately 50 high-value engineering and manufacturing roles in Singapore over five years.
The official launch ceremony was attended by representatives from the Singapore Economic Development Board (EDB), together with AEIM technology partners from Japan, Malaysia, France, the United States, and Singapore, industry partners, and members of Singapore's semiconductor and advanced manufacturing ecosystem.
Strengthening Singapore's Advanced Electronics Ecosystem
The AEIM facility at Kallang Way is fully operational and equipped with advanced dispensing, packaging, curing, inspection, testing, and module assembly systems designed to support high-precision electronics manufacturing and specialised LED Chip-on-Board (CoB) packaging applications.
The facility has been developed using globally sourced manufacturing technologies and industry-leading production processes, reflecting AEIM's commitment to quality, reliability, and operational excellence.
The Singapore facility houses two complementary manufacturing capabilities:
- LED Chip-on-Board (CoB) Packaging — producing UV, IR, and full-spectrum LED CoB products for horticulture, medical, industrial inspection, and specialised OEM applications.
- Advanced Memory Module Assembly Capability — installed to support high-performance computing, enterprise systems, industrial electronics, and embedded technology applications.
The facility strengthens Singapore's advanced manufacturing ecosystem by adding specialised opto-electronics packaging and advanced electronics assembly capabilities to the nation's semiconductor value chain.
From India to the World — Via Singapore
Founded in Chennai, India on 29 May 2007, Polymatech Electronics Limited is currently in its 20th year of operations and innovation, having successfully completed 19 years of growth in semiconductor packaging, opto-electronics, and advanced electronics manufacturing.
Operating from SIPCOT Hi-Tech SEZ, Oragadam, the company has evolved into a globally oriented advanced semiconductor packaging and opto-electronics manufacturer serving customers across Asia, Europe, and North America. Over nearly two decades, Polymatech has steadily expanded its technological capabilities, international partnerships, and manufacturing footprint, laying the foundation for its transformation into an internationally integrated semiconductor and advanced electronics enterprise.
As Polymatech's product portfolio and customer base expanded globally, the company recognised the strategic need for an Asia-Pacific manufacturing and operations hub capable of serving international markets with greater speed, supply-chain resilience, and proximity to global semiconductor ecosystems.
Singapore emerged as the natural choice for the company's international expansion. Its strategic location at the centre of Asia's semiconductor ecosystem, world-class logistics and connectivity infrastructure, trusted regulatory and intellectual property framework, strong support ecosystem for advanced manufacturing, and access to highly skilled engineering talent made it an ideal base for international growth.
Executive Perspectives
Mr Eswara Rao Nandam, Managing Director of AEIM Pte Ltd, said:
"The opening of our Singapore facility is a statement of strength and intent, and a defining milestone in Polymatech's journey from an Indian semiconductor and advanced electronics manufacturer to a globally integrated enterprise.
Singapore becomes the Asia-Pacific anchor of a supply chain that now spans five countries and four continents — from sapphire crystal growth in France to advanced packaging operations here in Singapore.
We are building for the long term, with discipline and conviction, and I am confident this is only the beginning of the value we will create for our stakeholders and partners worldwide. We move forward focused and resilient — our results will speak for themselves."
Mr Ng Ming Liang, Vice President, Global Enterprise Division, Singapore Economic Development Board (EDB), said:
"Polymatech's new Singapore facility is a testament to our robust semiconductor ecosystem. Singapore offers a skilled talent pool, well-connected supply chain infrastructure, and an industry ecosystem built through close partnerships with companies like Polymatech. We warmly welcome Polymatech to Singapore and look forward to growing together."
Investment and Talent Development in Singapore
AEIM Pte Ltd has committed and deployed approximately US$25 million in Singapore covering facility setup, advanced manufacturing equipment procurement, and operational infrastructure.
The facility is currently hiring engineering, manufacturing, quality, and technical professionals and intends to build its Singapore talent pipeline through engagement with local universities and institutions, supporting the development of local advanced manufacturing capabilities.
A Vertically Integrated Global Semiconductor and Advanced Electronics Ecosystem
Today, Polymatech's international operations span five countries across four continents:
- France — Artificial Electronics Intelligent Materials SARL (AEIM SARL), Grenoble: Sapphire ingot and wafer production in collaboration with ECM Group.
- India — Polymatech Electronics Limited, SIPCOT Hi-Tech SEZ, Oragadam, Chennai: Advanced semiconductor packaging, opto-electronics, and electronics manufacturing operations.
- Singapore — AEIM Pte Ltd, Mapletree Hi-Tech Park, Kallang Way: LED Chip-on-Board (CoB) packaging and advanced memory module assembly capability, serving as the company's Asia-Pacific manufacturing and regional operations hub.
- Estonia — Brandner Electronics OÜ, Paide: Semiconductor substrates and advanced printed circuit board manufacturing.
- United States — Nisene Technology Group, California: Semiconductor testing, failure analysis, and reliability engineering equipment.
This integrated international structure enables Polymatech to support global OEM customers through diversified, multi-jurisdictional manufacturing and supply-chain resilience across key semiconductor and advanced electronics segments.
About AEIM Pte Ltd
AEIM Pte Ltd is a Singapore-incorporated advanced electronics manufacturing company and wholly owned subsidiary of Polymatech Electronics Limited, operating from Mapletree Hi-Tech Park, Singapore. The company specialises in LED Chip-on-Board (CoB) packaging and advanced electronics manufacturing solutions for global industrial and OEM markets.
For more information, visit: www.aeimglobal.com
About Polymatech Electronics Limited
Polymatech Electronics Limited is an advanced semiconductor and electronics manufacturing company headquartered at SIPCOT Hi-Tech SEZ, Oragadam, Chennai, India. Currently in its 20th year of operations, the company maintains an international manufacturing and technology footprint spanning France, India, Singapore, Estonia, and the United States, covering sapphire crystal growth, semiconductor packaging, opto-electronics, substrates, advanced electronics manufacturing, and reliability engineering.
For more information, visit: www.polymatech.in
About Brandner Electronics OÜ
Brandner Electronics OÜ is a wholly owned subsidiary of AEIM Pte Ltd, headquartered in Paide, Estonia. The company specialises in the design and manufacture of semiconductor substrates and advanced printed circuit boards supporting European manufacturing activities.
For more information, visit: www.brandner.ee
About Nisene Technology Group
Nisene Technology Group is a wholly owned subsidiary of AEIM Pte Ltd, headquartered in California, United States. The company specialises in semiconductor testing, failure analysis, and reliability engineering equipment and services supporting technology development and quality assurance activities.
For more information, visit: www.nisene.com
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Polymatech Establishes Asia-Pacific Advanced Manufacturing Hub In Singapore
