Blockchain firm SOOHO.IO has launched Project Namsan, a consortium focused on building a Korean won stablecoin system, with Chainlink as a technical partner.
The first pilot allowed foreign tourists to deposit USD-based stablecoins and receive KRW digital vouchers for local payments. The test showed transaction costs more than 30% lower than traditional foreign exchange methods.
The project builds on SOOHO.IO’s earlier work with the Bank of Korea on Purpose Bound Money, which sets programmable rules for stablecoin use. It also continues the 2024 partnership between SOOHO.IO and Chainlink on tokenized asset and CBDC development in Asia.
Project Namsan uses Chainlink’s CCIP to connect multiple blockchains. Stablecoin reserves are monitored through Chainlink proof-of-reserve, ensuring KRW vouchers are only issued after stablecoin settlement is confirmed. The pilot began in July with support from Grand Korea Leisure (GKL).
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