KRWQ Gifts, a service launched by overseas blockchain company IQ that let users buy mobile gift cards from about 90 South Korean brands with the won-pegged KRWQ stablecoin, suspended operations five days after its launch. The homepage displayed a system-maintenance notice after concerns that KRWQ acquired on decentralized exchanges without separate know-your-customer checks could create a channel for money laundering. KRWQ can be swapped for USDT or USDC on Aerodrome without a centralized operator verifying identities or the source of funds, after which gift cards could be used in South Korea or resold for cash. KRWQ said order records were being stored securely and that it was taking a brief pause, but did not disclose the reason for the shutdown or a resumption date. The token’s wider uses include tokenized investments through Grow and a planned payment integration with Nexus’s One Pay.