SOOHO.IO And Chainlink Launch Project Namsan To Pioneer Korean Won Stablecoin Ecosystem
John: Hey everyone, I’m John, your go-to tech blogger at Blockchain Bulletin, where I break down the latest in Web3, metaverse, and blockchain tech. Today, we’re diving into the exciting launch of Project Namsan by SOOHO.IO and Chainlink, which is all about building a stablecoin ecosystem tied to the Korean Won to make foreign exchange smoother and more efficient in Korea. If you’d like a simple starter guide to exchanges, take a look at this beginner-friendly overview.
Lila: That sounds like a big step for crypto in Asia—I’ve heard readers are buzzing about how stablecoins could change everyday payments. John, can you start by explaining what Project Namsan actually is?
The Basics of Project Namsan
John: Absolutely, Lila. Project Namsan is a new initiative launched on 2025-09-22 by SOOHO.IO, a Korean blockchain tech company, in partnership with Chainlink, a leading decentralized oracle network. The goal is to create Korea’s first stablecoin ecosystem pegged to the Korean Won (KRW), focusing on foreign exchange (FX) innovations like instant settlements and low-cost conversions for things like tourism payments.
Lila: Stablecoin—what does that mean exactly? I’ve seen the term but could use a quick definition.
John: Sure thing—a stablecoin is a type of cryptocurrency designed to maintain a stable value, often backed by a fiat currency like the KRW here (fiat means traditional government-issued money). In this project, it’s about making KRW-based stablecoins reliable for real-world use, using Chainlink’s tech for secure data and cross-chain transfers.
Background on the Partners and Launch
Lila: Got it. So, what’s the story behind SOOHO.IO and Chainlink teaming up?
John: In the past, SOOHO.IO has built major digital asset infrastructure in Korea, contributing to projects like security audits and blockchain platforms since around 2018. Chainlink, founded in 2017, provides decentralized oracles—think of them as secure bridges that feed real-world data into blockchains. Their partnership was announced at the Digital Money Summit during Korea Blockchain Week 2025, building on earlier collaborations in Asia.
Lila: And this launch is current as of now?
John: Yes, currently as of 2025-09-23, Project Namsan is in its early pilot phase, involving a consortium of Korean tech providers like NHN for instant stablecoin settlements. It’s not fully rolled out yet, but it’s aimed at pioneering KRW stablecoins with features like transparent on-chain vouchers.
How Project Namsan Works
Lila: Break it down for me—how does this stablecoin system actually function?
John: At its core, it uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for seamless transfers between blockchains and Proof of Reserve to verify that the stablecoins are fully backed by real KRW reserves. For example, tourists could convert USDC or USDT to a KRW stablecoin instantly, with fees under 0.1%, cutting out traditional FX costs. This is all built on verifiable, on-chain tech to ensure transparency.
Lila: Sounds practical. Are there any specific tools or steps involved?
John: Definitely. Here’s a quick list of key components based on the launch details:
- Chainlink Oracles: These provide real-time exchange rate data for accurate KRW pegging.
- CCIP Integration: Enables cross-border settlements between major stablecoins like USDC and the new KRW one.
- Proof of Reserve: Independent verifications to confirm reserves, reducing risks of under-collateralization.
- Consortium Model: Involves partners like SOOHO.IO and potentially banks for regulatory compliance.
John: Looking ahead, the project plans a full launch in Q4 2025, starting with pilots for tourist vouchers in Seoul.
Potential Use Cases and Benefits
Lila: What are some real-world examples where this could make a difference?
John: One key use case is for international tourists in Korea—imagine arriving in Seoul and instantly converting your digital dollars to KRW stablecoins for shopping or transport without high bank fees. In the past, FX has been slow and expensive; currently, this project pilots transparent vouchers on-chain. Another example is cross-border remittances, where Koreans abroad could send money home faster and cheaper.
Lila: That could be huge for everyday people. Any benefits for businesses?
John: Yes, businesses in sectors like e-commerce or finance could automate settlements, reducing processing times from days to seconds. It’s all about efficiency, with Chainlink ensuring data accuracy. (And hey, if crypto payments ever take off at your local Korean BBQ spot, this might be why—no burnt edges on your wallet!)
Risks, Safeguards, and Regulatory Notes
Lila: Exciting stuff, but what about risks? Stablecoins have had issues before.
John: Good point. In the past, some stablecoins like TerraUSD in 2022 lost their peg due to poor design, causing market crashes. Currently, Project Namsan mitigates this with Chainlink’s Proof of Reserve for ongoing audits. Compliance varies by jurisdiction, so always check official Korean financial regulations or consult local authorities before using any stablecoin.
Lila: Makes sense. How do they keep it safe?
John: Safeguards include decentralized verification to prevent single points of failure and consortium oversight from trusted Korean firms. Looking ahead, as regulations evolve in Korea—where stablecoin frameworks are being discussed for 2025-2026—this project aims to align with them for long-term stability.
Looking Ahead and FAQs
Lila: What’s next for Project Namsan?
John: Looking ahead, the consortium plans expansions like integrating with more Asian markets, potentially Japan and Thailand, based on their strategic partnership announced in 2024-09-02. Pilots will test real FX trading in Seoul, with a focus on scaling to everyday digital payments by 2026.
Lila: Quick FAQ time—what if someone wants to get involved?
John: For FAQs: Is it available now? Not yet—it’s in pilot as of 2025-09-23. How to learn more? Check official sites from SOOHO.IO and Chainlink. Remember, this isn’t financial advice; it’s just info on the tech.
John: Wrapping this up, Project Namsan is a solid step toward making stablecoins practical for Korea’s economy, blending blockchain security with real FX needs—it’s encouraging to see such focused innovation. Stay tuned as it develops, and remember to explore responsibly in the Web3 space. And if you’d like a bit more background on exchanges, you might enjoy this global guide.
Lila: Thanks, John—that clears up a lot! Readers, this shows how stablecoins could simplify global money moves, so keep an eye on Korea’s crypto scene.
This article was created based on publicly available, verified sources. References:
- Original Source
- SOOHO.IO and Chainlink Drive Stablecoin FX Innovation in Korea Through Project Namsan
- Chainlink & SOOHO.IO Launch KRW Stablecoin FX for Tourists
- Chainlink & Sooho.io launch Korea stablecoin FX project Namsan
- Chainlink & SOOHO.IO Launch KRW Stablecoin FX for Tourists