KRWO is the ticker symbol for at least two distinct and unrelated cryptocurrency projects, both of which are stablecoins designed to be pegged to the South Korean Won (KRW). The first project is a fiat-backed stablecoin issued by the GimSwap team on the Kaia and BNB Smart Chain networks. The second project is a decentralized, crypto-collateralized stablecoin native to the Kokoa Finance protocol on the Klaytn blockchain. Due to their shared ticker symbol but different underlying technologies and issuers, they are often confused but operate independently within separate ecosystems. ^{[1] [2]}

KRWO (GimSwap)

KRWO by GimSwap is a stablecoin pegged to the South Korean Won, issued on the Kaia and BNB Smart Chain blockchains. The project's stated purpose is to facilitate KRW transactions across both Web2 and Web3 environments, with a specific focus on supporting Decentralized Finance (DeFi) activities. It is characterized by a very low market capitalization and minimal daily trading volume, indicating limited market adoption and activity as of late 2025. ^{[1] [3]}

Technology

This version of KRWO is built upon the Open Voucher (OV) protocol, a system designed by a separate entity called Open Asset. The OV protocol is engineered to tokenize fiat-backed assets, transforming them into "OV vouchers" through an open smart contract. The project was initially launched on the Kaia blockchain and later expanded to the BNB Smart Chain as part of a multi-chain strategy to increase its reach and utility. ^{[1] [3]}

A security analysis from GoPlus, cited by CoinGecko, has issued a warning regarding the token's smart contract. The warning notes that the contract creator possesses the authority to make changes, including the unrestricted minting of new tokens, which aligns with the project's documented infinite maximum supply. ^[1]

The contract addresses for this token are:

• Kaia: 0x7fc692699f2216647a0e06225d8bdf8cdee40e7f ^[1]
• BNB Smart Chain (BSC): 0x5868A0Bc3a64CFf82e19A135E17fE18E18E03bC1 ^[1]

Tokenomics

Data regarding the tokenomics of GimSwap's KRWO varies between data aggregators as of December 2025.

• According to CoinGecko, the circulating and total supply are both 20,300,000 KRWO, with a maximum supply listed as infinite (∞). Based on this data, the market capitalization was approximately $13,617. ^[1]
• According to CoinMarketCap, the self-reported circulating and total supply are both 286,680,000 KRWO, with no maximum supply specified. ^[3]

No information regarding the initial token distribution model has been documented in the provided materials. ^[1]

Project History and Team

The KRWO smart contract was developed by the "GimSwap team." Specific details about the individuals on the team or the project's founding date are not publicly available. ^{[1] [3]}

Historical price data from CoinGecko indicates the following milestones, which occurred prior to the current date of December 16, 2025:

• All-Time High (ATH): $0.0007611 on August 8, 2025.
• All-Time Low (ATL): $0.0003911 on October 10, 2025. ^[1]

Market and Exchange Information

KRWO is a low-liquidity asset with a market rank below #10,000 on CoinGecko as of late 2025. Its 24-hour trading volume was recorded at approximately $102.96 on December 16, 2025. The token is available for trade on decentralized exchanges (DEXs), with the primary trading venue being DragonSwap V3 on the Kaia blockchain. The most active trading pairs are KRWO/USDT and USDT/KRWO. ^[1]

KRWO (Kokoa Finance)

This version of KRWO is a decentralized, crypto-collateralized stablecoin operating on the Klaytn blockchain. It is designed to maintain a soft peg to the value of the South Korean Won (KRW) and serves as the native stablecoin of the Kokoa Finance protocol, a DeFi platform within the Klaytn ecosystem. Its primary function is to provide a stable unit of account and medium of exchange for users and applications on the Klaytn network. ^[2]

Technology

Kokoa Finance's KRWO is a KIP-7 token, which is the standard for fungible tokens on the Klaytn network. Unlike pre-mined tokens, KRWO is generated dynamically through a borrowing mechanism. ^[2]

Minting and Stability

KRWO is minted when users of the Kokoa Finance protocol deposit accepted Klaytn-based crypto assets (such as KLAY) as collateral into the protocol's smart contracts and borrow KRWO against their position. This process ensures that all circulating KRWO is backed by an excess of crypto collateral, a system known as over-collateralization, which is designed to secure the stablecoin's peg. The stability of KRWO's peg to the KRW is maintained through a combination of three key mechanisms:

1. Over-collateralization: Requiring the value of locked collateral to be significantly higher than the value of the borrowed KRWO.
2. Arbitrage Opportunities: When the market price of KRWO deviates from 1 KRW, arbitrageurs are economically incentivized to either mint new KRWO (if the price is above 1 KRW) or repay existing KRWO loans (if the price is below 1 KRW) to capture the price difference and restore the peg.
3. Protocol Governance: The Kokoa Finance protocol can adjust parameters like stability fees to influence borrowing and repayment behavior, further managing the token's stability. ^[2]

The contract address for this token on the Klaytn blockchain is 0x8482449177acd9cc73c14c5963954020a531e820. ^[2]

Tokenomics

The supply of Kokoa Finance's KRWO is dynamic and has no predefined maximum limit. The total supply expands as users borrow more KRWO and contracts as they repay their debts. The circulating supply is always identical to the total supply because all existing tokens have been minted into circulation by users. As of December 16, 2025, the total and circulating supply stood at 34,246,575 KRWO. The distribution model for KRWO does not involve a token sale or airdrop; it is generated exclusively by users through the borrowing process on the Kokoa Finance platform. ^[2]

Project History and Team

The history of this KRWO token is intrinsically linked to its parent protocol, Kokoa Finance. The team behind Kokoa Finance and KRWO is not publicly disclosed, a practice common among some decentralized projects. Project developments and updates are communicated through the protocol's official channels. ^[2]

Use Cases and Applications

KRWO's utility is centered within the Klaytn DeFi ecosystem.

• Borrowable Asset: Its primary function is to be a stable asset that users can borrow from the Kokoa Finance protocol by locking up other crypto assets as collateral.
• DeFi Activities: Once borrowed, KRWO can be used for various DeFi activities on Klaytn, such as trading, yield farming, or providing liquidity.
• Liquidity Pools: KRWO is used in liquidity pools on Klayswap, the leading decentralized exchange on Klaytn, allowing users to trade it against other Klaytn-based tokens. ^[2]

Market and Exchange Information

As of late 2025, Kokoa Finance's KRWO is a niche asset with limited liquidity and adoption, primarily used within its native Kokoa Finance ecosystem. It has a very low market capitalization of approximately $25,000 and daily trading volumes often below $100. Its market rank on data aggregators is correspondingly low, typically above #4500. The primary trading venue for this token is the Klayswap DEX on the Klaytn blockchain. ^[2]

KRW Tokenization and Official Sector Initiatives

Beyond the decentralized projects using the KRWO ticker, there is significant high-level work being done by central banks and international financial bodies regarding the tokenization of fiat currencies, including the South Korean Won. The Bank for International Settlements (BIS) has outlined a vision for a next-generation financial system based on tokenization and "unified ledgers." ^[4]

The goals of these official sector initiatives are to improve the efficiency of the current financial system by reducing costs and settlement times in areas like cross-border payments, as well as to enable new forms of programmable finance. The technological foundation for these systems is the concept of a unified ledger, a new type of financial market infrastructure that hosts multiple tokenized assets (such as tokenized commercial bank money and central bank reserves) on a single platform to allow for seamless atomic settlement. ^[4]

A notable initiative in this area is Project Agorá, a collaborative experiment involving a group of seven central banks—including the central bank of Korea—and numerous regulated financial institutions. This project specifically explores the use of tokenized central bank money and tokenized commercial bank deposits on a programmable platform to improve cross-border payments. The BIS has used a USD-to-KRW payment as an example of a process that could be dramatically simplified through this technology. ^[4]

The BIS explicitly distinguishes these regulated, institution-focused tokenization projects from permissionless crypto-assets. Initiatives like Project Agorá are in an early experimental phase and are not designed for broad retail speculation. Their focus is on testing functionality, governance, and legal frameworks. This institutional focus and experimental stage explain why a token associated with such a project would be expected to have low to non-existent public market capitalization and rank, as its purpose is functional testing rather than public trading. ^[4]