$ sudo dnf list --installed | grep -Ei 'zstd'
libzstd.x86_64                     1.4.4-1.el8                                @anaconda 
zstd.x86_64                        1.4.4-1.el8                                @appstream


$ zstd --version
*** zstd command line interface 64-bits v1.4.4, by Yann Collet ***


$ qemu-img create -f qcow2 file.qcow2 100M
Formatting 'file.qcow2', fmt=qcow2 cluster_size=65536 extended_l2=off compression_type=zlib size=104857600 lazy_refcounts=off refcount_bits=16


$ zstd -c file.qcow2 > file.qcow2.zst 
file.qcow2           :  0.11%   (196616 =>    221 bytes, /*stdout*\)   


$ file.qcow2.zst 
file.qcow2.zst: Zstandard compressed data (v0.8+), Dictionary ID: None


$ zstd -dc file.qcow2.zst > file2.qcow2                                                                                                                              
file.qcow2.zst      : 196616 bytes   


$ sha512sum file.qcow2
105e7398edd6aba943225ef28e30cffab2327afee932954f2107878d385abb1a529bbe2632351451045a616bca60f94c85c3abb29661cd3fd200eef6dff7c1c5  file.qcow2


$ sha512sum file2.qcow2
105e7398edd6aba943225ef28e30cffab2327afee932954f2107878d385abb1a529bbe2632351451045a616bca60f94c85c3abb29661cd3fd200eef6dff7c1c5  file2.qcow2


$ qemu-img info file.qcow2
image: file.qcow2
file format: qcow2
virtual size: 100 MiB (104857600 bytes)
disk size: 196 KiB
cluster_size: 65536
Format specific information:
    compat: 1.1
    compression type: zlib
    lazy refcounts: false
    refcount bits: 16
    corrupt: false
    extended l2: false
    
    
$ qemu-img info file2.qcow2
image: file2.qcow2
file format: qcow2
virtual size: 100 MiB (104857600 bytes)
disk size: 196 KiB
cluster_size: 65536
Format specific information:
    compat: 1.1
    compression type: zlib
    lazy refcounts: false
    refcount bits: 16
    corrupt: false
    extended l2: false