KRWO is a multi-chain, fiat-backed stablecoin designed to maintain a 1:1 peg with the South Korean Won (KRW). ^[1] Developed by the GimSwap team, it operates on the Kaia and BNB Smart Chain blockchains. ^[2] The token's primary function is to bridge traditional finance with decentralized finance (DeFi) by providing a stable, KRW-denominated asset for transactions in both Web2 and Web3 environments. ^[3]​

Overview

KRWO was created to serve as a digital representation of the South Korean Won on the blockchain. Its core objective is to offer a stable medium of exchange for DeFi applications, allowing users to transact with a value equivalent to KRW without the price volatility associated with most cryptocurrencies.

The stablecoin is built upon the Open Voucher (OV) protocol, a system designed by the entity Open Asset for tokenizing real-world, fiat-backed assets. ^{[2] [3]}​

The project is managed by the GimSwap team and was initially launched on the Kaia blockchain. To enhance its utility and reach, KRWO was later deployed on the BNB Smart Chain. The development team has also stated its intention to expand to other major blockchains to increase adoption across the broader DeFi ecosystem. ^[2] The primary use case for KRWO is to facilitate trading, liquidity provision, and other financial activities on platforms such as GimSwap. ^[1]​

Peg Stability Mechanism

The value of KRWO is designed to remain pegged to the South Korean Won through a multi-step collateralization process that connects the on-chain digital token to an off-chain, fiat-backed asset. This system ensures that each KRWO token is backed by an equivalent value in KRW, which can be redeemed. ^[1]​

The OV Voucher System

The foundation of KRWO's collateral is the "OV Voucher," an off-chain digital asset issued by the South Korean company Open(Asset) Co., Ltd. through its "Open(Voucher)" service. These vouchers function as a direct claim on Korean Won held by the company. ^[1]​

• Value and Conversion: OV vouchers are directly convertible to and from KRW at a 1:1 ratio. For example, a user who deposits ₩10,000 with Open(Asset) Co., Ltd. receives an OV voucher worth ₩10,000.
• Redemption: A key feature of the system is the ability for users to redeem their OV vouchers at any time. Upon a refund request, the user receives the equivalent KRW amount directly in their designated bank account, ensuring the voucher's value is backed by liquid fiat currency.

This off-chain mechanism provides the real-world asset backing required for the stablecoin's value. ^[1]​

On-Chain Issuance and Collateralization

The bridge between the off-chain OV Voucher and the on-chain KRWO stablecoin is achieved through a systematic tokenization and minting process. This ensures that the issuance of KRWO is always tied to the value of the underlying collateral. ^[1]​

1. Tokenization of Vouchers: A user's OV vouchers are transferred onto the blockchain, where they are converted into an equivalent number of "OV tokens." These OV tokens are the on-chain representation of the fiat-backed vouchers.
2. KRWO Minting: The OV tokens serve as the direct collateral for minting KRWO stablecoins. New KRWO can only be created when a corresponding value of OV tokens is locked as collateral.
3. Conversion Ratio: The system operates on a fixed conversion ratio to maintain the peg: 10,000 KRW = 1 OV voucher = 1 OV token = 10,000 KRWO. This framework ensures that 1 KRWO consistently represents the value of 1 KRW.

The process is fully reversible, allowing users to redeem their KRWO. A user can exchange KRWO for OV tokens, which can then be converted back into off-chain OV vouchers. These vouchers can finally be redeemed for Korean Won through Open(Asset) Co., Ltd. The official documentation states, "KRWO is collateralized by OV vouchers, with the issuance of KRWO directly tied to the exact value of these vouchers... KRWO holders can exchange their tokens for OV vouchers at any time, or convert OV vouchers back into KRWO, ensuring that KRWO maintains parity with the value of the Korean Won (KRW)." ^[1]​

Technology and Architecture

KRWO's functionality is based on the Open Voucher protocol and a multi-chain smart contract architecture developed by the GimSwap team. ^[2]​

Open Voucher (OV) Protocol

KRWO is built using the Open Voucher (OV) protocol. This underlying framework was designed by the entity Open Asset as a specialized system for the tokenization of fiat-backed assets. The protocol standardizes the process of converting real-world assets into on-chain tokens, like KRWO, which are referred to as "OV vouchers" within this system. ^{[2] [3]}​

Multi-Chain Implementation

KRWO is designed for cross-chain utility to maximize its reach within the DeFi space. It was first launched on the Kaia blockchain as a KIP-7 token, which is the network's standard for fungible tokens. It subsequently expanded its presence to the BNB Smart Chain. ^{[2] [3]}​

The contract addresses for KRWO are:

• Kaia: 0x7fc692699f2216647a0e06225d8bdf8cdee40e7f ^[2]
• BNB Smart Chain: 0x5868A0Bc3a64CFf82e19A135E17fE18E18E03bC1 ^[2]

Key Entities

The KRWO ecosystem is composed of several distinct entities, each with a specific role:

• KRWO: The on-chain stablecoin pegged 1:1 to the Korean Won.
• OV Voucher: The off-chain, fiat-backed digital voucher issued by Open(Asset) Co., Ltd. and redeemable for KRW.
• OV Token: The on-chain, tokenized version of the OV Voucher that serves as the direct collateral for minting KRWO.
• Open(Asset) Co., Ltd.: The central company responsible for issuing and managing the OV voucher system, including handling fiat (KRW) deposits and withdrawals.
• GimSwap: The decentralized exchange platform and development team that created and maintains the KRWO stablecoin.
• Open Asset: The entity that designed the underlying Open Voucher (OV) protocol used for tokenizing fiat-backed assets like KRWO.

The interaction between these entities facilitates the bridge between the traditional Korean Won and the on-chain KRWO token. ^{[1] [2] [3]}​

Tokenomics

The tokenomics of KRWO are designed to support its function as a stablecoin, with supply directly tied to its collateralization. ^[1]​

Supply

KRWO has an infinite (or non-specified) maximum supply. This design is typical for fiat-collateralized stablecoins, as new tokens must be minted whenever new fiat collateral is deposited into the system to maintain the peg. The supply expands and contracts based on user demand for minting and redemption. ^{[2] [3]}​

As of December 15, 2025, market data aggregators reported conflicting figures for the token's circulating supply. CoinGecko listed a circulating and total supply of 20,300,000 KRWO. ^[2] In contrast, CoinMarketCap showed a self-reported circulating and total supply of 286,680,000 KRWO. ^[3]​

Market Data

As of December 15, 2025, market data based on CoinGecko's supply figures indicated a market capitalization of approximately 86.13. The token recorded an all-time high price of 0.0003911 on October 10, 2025. ^[2]​

Ecosystem and Adoption

KRWO is primarily used within the DeFi sector, particularly on platforms associated with its development team. ^[1]​

Trading Venues

The stablecoin is traded on decentralized exchanges (DEXs). The most popular and active exchange for trading KRWO is reportedly DragonSwap V3, which operates on the Kaia blockchain. The most active trading pair is KRWO/USDT, accounting for the majority of its trading volume. ^[2]​