Citadel-backed EDXM International is preparing to launch a KRW-linked perpetual futures contract, aiming to bring blockchain trading into one of the world’s largest foreign exchange markets.
The Singapore-based exchange plans to roll out the product by April, targeting the Korean won non-deliverable forward market, which sees approximately $27 billion in daily trading volume.
The contract will be based on KRWQ, an offshore Korean won stablecoin that allows traders to gain exposure to the currency without moving actual KRW or breaching capital controls.
EDXM said the product could reduce trading costs by 50% to 75% compared with traditional NDFs, while enabling near-instant settlement using USDC.
The move marks a strategic shift for the exchange, which previously focused exclusively on crypto assets and is now expanding into traditional currency markets.
Regulatory uncertainty remains, with South Korean authorities yet to clarify their stance on offshore stablecoins and broader digital asset legislation.
The launch comes amid growing competition in KRW stablecoin development, as banks and tech firms explore similar projects, though most remain in early stages awaiting regulatory clarity.