Blockchain technological firm, SOOHO.IO, has partnered with Chainlink to launch Project Namsan, a consortium initiative to pioneer the launch of Korea’s first-ever stablecoin ecosystem. The development was confirmed in a press release on Monday. It’s worth noting that Chainlink plans to join the SOOHO.IO partnership as a key technical partner
The Consortium has also conducted a live pilot for foreign tourists as part of its initial use case. This live pilot allows participants to deposit USD-based stablecoins and receive KRW-dominated digital vouchers for payments at a cost 30% lower than conventional FX channels.
More details on Chainlink and SOOHO.IO partnerships
It’s worth noting that SOOHO.IO and Chainlink have been together since 2024 when they both develop tokenized assets and CBDC use cases across Asia. Before working with Chainlink, the blockchain technology company also collaborated with the Bank of Korea on Purpose Bound Money(PBM) to facilitate programmable controls for stablecoin exploration.
Powered by the Chainlink Cross-Chain Interoperability Protocol (CCIP), the Namsan network links various public and private blockchains. Chainlink Proof of Reserves provides ongoing verification of stablecoin reserves. This setup ensures the issuance of KRW vouchers only after stablecoin settlement, creating a Delivery-vs-Payment (DvP) model that ensures a transparent and dependable FX process.
SOOHO.IO also selected Chainlink CCIP as a result of its outstanding defense-in-depth security model and its consensus layer powered by the same Chainlink Decentralized Oracle Network (DON) infrastructures that secures over $100 billion in DeFi TVL and has also enabled tens of trillions of dollars in on-chain transaction value since 2022.
Chainlink Proof of Reserve stands out for on-chain reserve transparency, ensuring that tokenized assets such as stablecoins, real-world assets, and wrapped tokens remains fully collateralized through independent on-chain verification. Additionally, this strategic partnership highlights the potential for programmable money and verifiable data standards to help advance Korea’s stablecoin ecosystem and foster future financial innovation. Similarly, the firm also plans to bring it technology recognition on the global stage.
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