SOOHO.IO And Chainlink Launch Project Namsan To Pioneer Korean Won Stablecoin Ecosystem
Blockchain expertise firm, SOOHO.IO introduced that it has launched Project Namsan, a consortium initiative geared toward pioneering the Korean received stablecoin ecosystem, with Chainlink becoming a member of as a key technical companion. The consortium has accomplished a reside pilot for overseas vacationers, permitting contributors to deposit USD-based stablecoins and obtain KRW-denominated digital vouchers for funds at a price over 30% decrease than conventional overseas alternate channels.
The Namsan community is powered by the Chainlink Cross-Chain Interoperability Protocol (CCIP), connecting to a number of private and non-private blockchains, whereas Chainlink Proof of Reserve ensures steady verification of stablecoin reserves. This integration ensures that KRW vouchers are issued solely after stablecoin settlement is validated, utilizing a Delivery-vs-Payment (DvP) mannequin that establishes a clear and dependable overseas alternate course of.
CCIP was chosen for its sturdy safety mannequin, with its consensus layer supported by the identical Chainlink Decentralized Oracle Network (DON) infrastructure that secures over $100 billion in decentralized finance (DeFi) whole worth locked (TVL) and has facilitated trillions of {dollars} in on-chain transactions since 2022. Chainlink Proof of Reserve has change into the trade normal for on-chain reserve transparency, making certain that tokenized belongings corresponding to stablecoins, real-world belongings, and wrapped tokens stay totally collateralized by impartial on-chain verification.
This pilot, which started in July, is being carried out in collaboration with a number of Korean public enterprises, together with Grand Korea Leisure (GKL), a public company working the foreigner-only on line casino ‘Seven Luck.’ GKL attracts roughly 1.5 million worldwide guests yearly and has branches at main vacationer areas, together with the Gangnam COEX department. This strategic initiative highlights the potential of programmable cash and verifiable information requirements in advancing Korea’s stablecoin ecosystem and driving future monetary improvements.
Chainlink And SOOHO.IO Enhance Blockchain Security And Digital Asset Solutions In Asia
Chainlink is a number one oracle platform acknowledged because the trade normal, enabling the mixing of capital markets with blockchain and supporting nearly all of DeFi purposes. The Chainlink ecosystem supplies important companies corresponding to information, interoperability, compliance, and privateness options, that are essential for powering superior blockchain use circumstances together with institutional tokenized belongings, lending, funds, stablecoins, and extra. Since the invention of decentralized oracle networks, Chainlink has facilitated transactions price tens of trillions of {dollars} and at present secures many of the DeFi area.
The newest initiative builds on the strategic collaboration between SOOHO.IO and Chainlink, established in 2024, to collectively develop tokenized asset and central financial institution digital foreign money (CBDC) purposes throughout Asia. It additionally expands upon SOOHO.IO’s earlier work with the Bank of Korea on Purpose Bound Money (PBM), an answer enabling programmable controls on using stablecoins.
Founded in 2019, SOOHO.IO has secured over 3.2 trillion KRW in digital belongings by its blockchain safety expertise and has gained recognition for its technical experience by contributing to the Bank of Korea’s CBDC digital voucher venture. SOOHO.IO’s flagship product, ‘Touchstone,’ is a consortium blockchain infrastructure designed for monetary establishments, enabling the safe issuance and distribution of digital belongings. Furthermore, the corporate’s PBM improvement platform, ‘Purplace,’ allows the creation of programmable digital currencies that apply circumstances to funds, providing modern monetary companies.
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