Citadel's EDXM plans to challenge the world's largest offshore Korean won derivatives market with a South Korean won perpetual contract

EDXMInternational, a crypto exchange backed by CitadelSecurities, announced plans to launch a perpetual contract product linked to the Korean won in April, directly entering the world's largest offshore Korean won derivatives market: the Korean won non-deliverable forward (NDF) market, with an average daily trading volume of approximately US$27 billion.<br /> The product is based on the offshore Korean won stablecin KRWQ and was released in October 2025 by BrainpowerLabs registered in the Cayman Islands. Traders can place bets on the Korean won exchange rate by going long or short KRWQ/USDC, and settle the entire process in USDC without actually delivering the Korean won, thus circumventing South Korea's capital control restrictions. EDXMCEOKaiKono said that the cost is 50% to 75% lower than traditional NDF and supports instant settlement.<br /> Korea's Financial Services Commission declined to comment. Some people believe that if the product attracts a large amount of institutional funds, South Korea's long-stalled digital asset legislative process may face greater pressure.