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SOOHO.IO and Chainlink Launch Project Namsan for Korean Won Stablecoin Ecosystem

The initiative, in partnership with the Bank of Korea and Chainlink, seeks to create a transparent, cost-effective stablecoin solution for foreign tourists with enhanced blockchain integration.

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Summary

SOOHO.IO, in collaboration with Chainlink, has launched Project Namsan, a Korean won stablecoin ecosystem targeting foreign tourists. The pilot allows USD stablecoins to be exchanged for won digital vouchers with more than 30% savings compared to traditional forex methods. Leveraging Chainlink’s CCIP and Proof of Reserve, the system ensures transparency and security in settlement through a Delivery versus Payment (DvP) model. The pilot is being implemented in partnership with Grand Korea Leisure's 'Seven Luck' casinos, which host 1.5 million international visitors annually.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset, such as a fiat currency like the U.S. dollar or Korean won.
  • Cross-Chain Interoperability Protocol (CCIP): A technology by Chainlink enabling secure data and value transfer between different blockchain networks.
  • Proof of Reserve: A cryptographic method that verifies whether a custodian holds the assets it claims, enabling transparent and reliable auditing of reserves.