KRWQ, EDX Dispute $210K Volume Claim as DeFi, Not Exchange Flow

The debate also reopened questions about the size of the won NDF market – an important benchmark because KRWQ is frequently discussed as a bridge between crypto settlement rails and existing offshore won trading. The Bank of Korea submission cited $68.1 billion in average daily NDF volume, while Bloomberg has estimated roughly $27 billion. Shin previously suggested a range of $15 billion to $20 billion in remarks at an industry event.

Shin said the discrepancy likely stems from differences in methodology, arguing that the central bank figure may include broader global NDF activity, while his own estimate was a more conservative attempt to isolate won-specific flow. Because NDF trading is predominantly over-the-counter, the market lacks the transparency of exchange-based products, and estimates can vary materially depending on data sources and definitions.

Peg Stability Under Scrutiny

KRWQ's price stability was also challenged by the Bank of Korea materials, which reportedly showed KRWQ/USDC trading at roughly 1,465–1,536 won – deviating from the prevailing FX range of about 1,455–1,500 won over the same period. Shin pushed back, noting that even major stablecoins such as USD Coin (USDC) and Tether (USDT) can temporarily deviate from their peg during periods of liquidity stress, fragmented markets, or shallow pool depth, and typically revert over longer time horizons. He did not specify whether the referenced pricing came from a DeFi pool or another venue.

Reserve Transparency Tooling Goes Live

Separately, KRWQ's reserve transparency tooling appears to have advanced. After earlier communications suggested Chainlink's Proof of Reserve (PoR) would be integrated "soon," the service is now confirmed to be live. PoR is designed to provide on-chain verification signals related to asset backing, a feature that has become increasingly central to stablecoin credibility following high-profile failures across the sector.

What This Means for the Won Stablecoin Thesis

The episode underscores the broader challenge facing won-linked stablecoins: building meaningful liquidity inflow beyond small DeFi pools while also meeting institutional requirements around compliance, connectivity, and market structure. For now, KRWQ and EDX maintain that EDX trading has not begun and that the widely circulated $210,000 figure should not be interpreted as institutional volume on the exchange – leaving the project's real test tied to when, and how, EDX markets ultimately go live.

Risk to watch: The gap between the Bank of Korea's NDF estimate and market-based estimates could become a point of regulatory friction if Korean authorities use the higher figure as a benchmark for stablecoin reserve requirements or market impact assessments.

What would confirm the thesis: A public volume print from EDX after launch, combined with KRWQ trading within a tight range of the won FX rate on that venue.

What would weaken it: Continued absence of a launch date, further peg deviations on any venue, or regulatory pushback from Korean authorities on the NDF comparison methodology.