SOOHO.IO and Chainlink Promote the Development of the Korean Won Stablecoin Ecosystem

PANews reported on September 22 that South Korean blockchain technology company SOOHO.IO and Chainlink launched the "Project Namsan" project, aiming to build a Korean won stablecoin ecosystem.

The project has launched a pilot program targeting foreign tourists, allowing participants to deposit US dollar stablecoins in exchange for digital payment vouchers denominated in Korean won, reducing payment costs by over 30% compared to traditional foreign exchange channels. The project leverages Chainlink's Cross-Chain Interoperability Protocol (CCIP) to connect multiple public and private chains. Chainlink's Proof of Reserve technology continuously verifies stablecoin reserves, ensuring that Korean won payment vouchers are only issued after stablecoin settlement verification, enabling a transparent and reliable delivery-versus-payment (DvP) model. CCIP utilizes a defense-in-depth security model, with its consensus layer powered by Chainlink's Decentralized Oracle Network (DON), which has secured over $100 billion in DeFi locked value and facilitated tens of trillions of dollars in on-chain transactions since 2022.

The pilot program has been underway since July this year in partnership with Grand Korea Leisure (GKL), a South Korean public enterprise. GKL's foreigner-only casino, Seven Joy, welcomes approximately 1.5 million international visitors annually and has branches in major tourist destinations such as COEX in Gangnam.