Quick Breakdown:
- Chainlink and SOOHO.IO launch Project Namsan to drive stablecoin FX innovation in Korea.
- Pilot enables tourists to swap USD stablecoins for KRW digital vouchers at 30% lower costs than traditional FX.
- Chainlink CCIP ensures cross-chain interoperability, while Proof of Reserve verifies stablecoin collateral.
Blockchain firm SOOHO.IO has teamed up with Chainlink to launch Project Namsan, a new consortium initiative designed to pioneer a Korean won (KRW) stablecoin ecosystem and transform foreign exchange (FX) settlement. The project introduces a programmable, onchain FX model that enables tourists to swap USD-based stablecoins for KRW-denominated digital vouchers at costs more than 30% lower than traditional currency exchange services.
SOOHO․IO (@soohoio), a blockchain technology company advancing digital asset infrastructure in Korea, and Chainlink are driving a major initiative under Project Namsan, a consortium of leading Korean technology and infrastructure providers focused on building the foundational… pic.twitter.com/aiKi8NthuB
— Chainlink (@chainlink) September 22, 2025
Chainlink tech powers secure cross-chain settlement
Project Namsan leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect multiple public and private blockchains, while Chainlink Proof of Reserve provides real-time verification of stablecoin reserves. This ensures KRW vouchers are only issued after stablecoin settlements are validated, creating a transparent Delivery-vs-Payment (DvP) process. Chainlink’s infrastructure, which secures over $100 billion in decentralized finance (DeFi) total value locked, was chosen for its defense-in-depth security model and proven reliability in high-value blockchain transactions.
Pilot targets Korea’s tourist economy
The pilot program began in July in partnership with Grand Korea Leisure (GKL), a state-owned casino operator that attracts around 1.5 million foreign visitors annually. Tourists participating in the pilot deposited USD-based stablecoins and received KRW vouchers usable at partner merchants, showcasing stablecoins’ ability to reduce FX costs and settlement times.
SOOHO.IO CEO Jisu Park said the initiative highlights Korea’s potential to lead in programmable money and onchain financial infrastructure. Chainlink’s Asia-Pacific head, Niki Ariyasinghe, added that the collaboration sets a clear path for integrating stablecoins into Korea’s financial ecosystem, bringing security and interoperability to stablecoin FX markets.
Project Namsan builds on SOOHO.IO’s prior work with the Bank of Korea’s Purpose Bound Money project and represents a significant step toward a regulated, blockchain-powered stablecoin market in Asia.
Meanwhile, AI-native DeFi protocol Demether has joined the Chainlink Build program to accelerate adoption of AI-driven vault strategies while strengthening security and reliability through Chainlink’s oracle infrastructure. The partnership provides Demether with access to Chainlink services, including Price Feeds, Automation, and the Cross-Chain Interoperability Protocol (CCIP).
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