The common way to draw rounded quads is the use of textures with an alphachannel. It's very easy and the most of the gui's uses images to achieve a specific look. If you draw only single-colored boxes it may look very generic after a while (even if they have fancy rounded corners ;) ).
But if you want to draw rounded quads directly, I would suppose to generate a custom geometry, which fits the desired area directly without overlapping (need for alphablending). In you case it would be something like this:
The more triangles you're using for the corner the smoother it will look.