Chainlink & Sooho.io launch Korea stablecoin FX project Namsan

A major new project is underway in South Korea to build the foundation for a stablecoin ecosystem. Sooho.io, a blockchain company known for its digital asset infrastructure work. It has partnered with Chainlink to launch Project Namsan. The initiative aims to create a secure and transparent system for foreign exchange (FX) using stablecoins. As part of the project, the consortium has already tested a pilot program for international tourists visiting Korea.

In this trial, participants were able to deposit USD-based stablecoins and receive Korean won (KRW) digital vouchers. Users could then use these vouchers for payments at selected venues. One of the main benefits was cost efficiency. The project reported that they completed transactions at costs over 30% lower than traditional foreign exchange channels. This could make it cheaper and easier for tourists to spend money in Korea. Without relying on banks or expensive FX services.

Role of Chainlink Technology

The system is powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve. CCIP connects the Namsan network to multiple blockchains, public and private. Proof of Reserve ensures that stablecoin reserves are continuously verified. So the project always backs the KRW vouchers it issues with actual assets. This creates a Delivery-versus-Payment (DvP) model. Where settlement only happens once reserves are validated. The model increases trust and reduces the risks often seen in cross-border payments.

The team chose Chainlink’s technology for its strong security record. Its decentralized oracle network secures over $100 billion in decentralized finance (DeFi). It has enabled trillions in onchain transactions since 2022. Proof of Reserve has also become an industry standard for transparency. This ensures that the protocol always fully collateralizes stablecoins and tokenized assets.

Support From Public Enterprises

The pilot began in July 2025 with the support of public enterprises. It includes Grand Korea Leisure (GKL). GKL runs the “Seven Luck” foreigner-only casino brand. This attracts around 1.5 million international visitors every year. Its involvement shows how developers could apply the system in real-world environments. Where tourists frequently need to exchange currency. By lowering FX costs and ensuring faster settlement, the system could improve the experience for visitors. While also boosting Korea’s tourism sector.

Building on Previous Work

Sooho.io has been deeply involved in Korea’s digital asset infrastructure projects. The company previously worked with the Bank of Korea on the Purpose Bound Money (PBM) initiative. PBM makes it possible to program conditions into digital currency. This allows more control over how tokens are used. Project Namsan builds on that experience, showing how programmable money. The verified reserves can be applied to the FX market.

Insights From Project Leaders

Jisu Park, CEO of Sooho.io, highlighted the importance of the initiative: “This project with Chainlink is a meaningful achievement that shows our technology is recognized globally. We will continue to serve as a trusted clearing and settlement partner to help financial institutions in the Asia-Pacific region use stablecoins safely.”

Niki Ariyasinghe, Head of Business Development for Asia-Pacific and the Middle East at Chainlink Labs, also commented: “Our collaboration with Sooho.io under Project Namsan shows how Chainlink’s infrastructure brings security and transparency to Korea’s stablecoin FX markets. By enabling interoperability and onchain reserve data, this creates a clear path for integrating stablecoins into Korea’s financial ecosystem at scale.”

Path to Future Adoption

The initiative demonstrates how programmable money and transparent standards can support Korea’s financial innovation. If expanded, the system could allow stablecoins to play a bigger role in cross-border payments, remittances and retail transactions. With backing from major blockchain companies and Korean institutions. Project Namsan positions Korea as a leader in testing stablecoin FX solutions. 

The success of the tourist pilot suggests that the team could eventually roll out the model more widely. It offers benefits not only to visitors but also to businesses and financial institutions across the country. For Korea, this project could mark the beginning of a broader shift toward digital currencies. It is supported by strong infrastructure and trusted verification tools.