Korea’s Stablecoin Breakthrough Cuts FX Costs 30% in Tourism Pilot

SOOHO.IO and Chainlink have launched Project Namsan, a consortium initiative to develop a Korean won (KRW)-denominated stablecoin ecosystem, with a pilot program demonstrating significant cost reductions for foreign exchange transactions. The initiative, which began in July 2025, partners with Grand Korea Leisure (GKL), a public corporation operating the Seven Luck casino chain that attracts 1.5 million international visitors annually. Participants in the pilot deposited USD-backed stablecoins and received KRW digital vouchers for local payments, achieving transaction costs over 30% lower than traditional FX channelsSOOHO.IO and Chainlink Drive Stablecoin FX Innovation in Korea Through Project Namsan^[1]. This effort builds on a 2024 strategic partnership between SOOHO.IO and Chainlink to develop tokenized assets and CBDC use cases across Asia and extends SOOHO.IO’s prior collaboration with the Bank of Korea on Purpose Bound Money (PBM), which enables programmable controls on stablecoin usageChainlink and Sooho․IO Power Korea’s Stablecoin FX Innovation Under Project Namsan^[2].

The Namsan network leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect multiple public and private blockchains, ensuring seamless cross-chain transactions. Chainlink Proof of Reserve verifies stablecoin reserves in real time, issuing KRW vouchers only after confirming the settlement of stablecoins. This Delivery-vs-Payment (DvP) model establishes a transparent and secure FX process, with CCIP’s security model drawing on the Chainlink Decentralized Oracle Network (DON), which secures over $100 billion in DeFi TVLChainlink & Sooho.io launch Korea stablecoin FX project Namsan^[3]. The pilot’s success underscores the potential for programmable money and verifiable data standards to advance Korea’s stablecoin ecosystem, aligning with global trends in blockchain-based financial innovationSOOHO.IO and Chainlink Collaborate on Groundbreaking …^[4].

Chainlink’s role in Project Namsan is critical to ensuring interoperability and reserve transparency. The CCIP and Proof of Reserve systems together create a framework where every KRW voucher is backed by actual stablecoin assets, reducing risks associated with collateralization and FX settlement. This approach has already facilitated transactions involving USD stablecoins at scale, with the model’s scalability demonstrated through its application in tourism-focused use casesKorean Won Stablecoin Ecosystem Grows With Chainlink^[5]. The project’s technical infrastructure has been validated by its ability to handle high-value transactions securely, leveraging Chainlink’s existing track record in supporting global DeFi networks and verifying trillions in onchain value since 2022SOOHO.IO and Chainlink Drive Stablecoin FX Innovation in Korea Through Project Namsan^[1].

SOOHO.IO’s CEO, Jisu Park, emphasized the project’s global significance, stating that it demonstrates the recognition of Korean technology in international markets. The company aims to serve as a trusted clearing and settlement partner for Asia-Pacific institutions, enabling the safe distribution of stablecoins. Niki Ariyasinghe, Chainlink’s Head of Business Development for Asia-Pacific and the Middle East, highlighted the initiative’s role in integrating stablecoins into Korea’s financial ecosystem through verifiable data and interoperabilityChainlink and Sooho․IO Power Korea’s Stablecoin FX Innovation Under Project Namsan^[2]. The collaboration aligns with broader efforts to diversify stablecoin infrastructure beyond U.S.-dollar pegs, positioning Korea as a leader in developing local-currency-backed alternativesKorean Won Stablecoin Ecosystem Grows With Chainlink^[5].

The pilot’s real-world application at GKL’s Seven Luck casinos illustrates the practical benefits of stablecoin-based FX. By reducing reliance on traditional banking systems, the project addresses inefficiencies in cross-border payments while offering a scalable solution for tourism and retail sectors. The success of this initiative could pave the way for broader adoption of stablecoins in Korea, potentially influencing regulatory frameworks and fostering innovation in digital finance. As the project expands, it may also contribute to Korea’s strategic goal of retaining capital within the national economy, countering the dominance of USD-pegged tokens in domestic marketsKorean Won Stablecoin Ecosystem Grows With Chainlink^[5].