Blockchain technology company, SOOHO.IO announced that it has launched Project Namsan, a consortium initiative aimed at pioneering the Korean won stablecoin ecosystem, with Chainlink joining as a key technical partner. The consortium has completed a live pilot for foreign tourists, allowing participants to deposit USD-based stablecoins and receive KRW-denominated digital vouchers for payments at a cost over 30% lower than traditional foreign exchange channels.
The Namsan network is powered by the Chainlink Cross-Chain Interoperability Protocol (CCIP), connecting to multiple public and private blockchains, while Chainlink Proof of Reserve ensures continuous verification of stablecoin reserves. This integration guarantees that KRW vouchers are issued only after stablecoin settlement is validated, using a Delivery-vs-Payment (DvP) model that establishes a transparent and reliable foreign exchange process.
CCIP was chosen for its robust security model, with its consensus layer supported by the same Chainlink Decentralized Oracle Network (DON) infrastructure that secures over $100 billion in decentralized finance (DeFi) total value locked (TVL) and has facilitated trillions of dollars in on-chain transactions since 2022. Chainlink Proof of Reserve has become the industry standard for on-chain reserve transparency, ensuring that tokenized assets such as stablecoins, real-world assets, and wrapped tokens remain fully collateralized through independent on-chain verification.
This pilot, which began in July, is being conducted in collaboration with several Korean public enterprises, including Grand Korea Leisure (GKL), a public corporation operating the foreigner-only casino ‘Seven Luck.’ GKL attracts approximately 1.5 million international visitors annually and has branches at major tourist locations, including the Gangnam COEX branch. This strategic initiative highlights the potential of programmable money and verifiable data standards in advancing Korea’s stablecoin ecosystem and driving future financial innovations.
Chainlink is a leading oracle platform recognized as the industry standard, enabling the integration of capital markets with blockchain and supporting the majority of DeFi applications. The Chainlink ecosystem provides essential services such as data, interoperability, compliance, and privacy features, which are critical for powering advanced blockchain use cases including institutional tokenized assets, lending, payments, stablecoins, and more. Since the invention of decentralized oracle networks, Chainlink has facilitated transactions worth tens of trillions of dollars and currently secures most of the DeFi space.
The latest initiative builds on the strategic collaboration between SOOHO.IO and Chainlink, established in 2024, to jointly develop tokenized asset and central bank digital currency (CBDC) applications across Asia. It also expands upon SOOHO.IO’s previous work with the Bank of Korea on Purpose Bound Money (PBM), a solution enabling programmable controls on the use of stablecoins.
Founded in 2019, SOOHO.IO has secured over 3.2 trillion KRW in digital assets through its blockchain security technology and has gained recognition for its technical expertise by contributing to the Bank of Korea’s CBDC digital voucher project. SOOHO.IO’s flagship product, ‘Touchstone,’ is a consortium blockchain infrastructure designed for financial institutions, enabling the secure issuance and distribution of digital assets. Furthermore, the company’s PBM development platform, ‘Purplace,’ enables the creation of programmable digital currencies that apply conditions to payments, offering innovative financial services.
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