Citadel Securities-backed Exchange to Launch Won-Dollar Stablecoin Derivatives

Citadel Securities-backed EDXM International is pushing to launch blockchain-based derivatives that track the won-dollar exchange rate. The company plans to roll out perpetual futures tied to the Korean won, which will serve as a digital trading alternative to the existing won-dollar non-deliverable forward (NDF) market.

EDXM aims to offer real-time settlement long and short positions on the won-dollar exchange rate through the product, touting costs that are 50-75% lower than traditional NDFs. The company also claims that the product will allow for trading without banking networks.