In an ambitious move aimed at revolutionizing the foreign exchange market in South Korea, SOOHO.IO has joined forces with Chainlink to unveil Project Namsan, a stablecoin initiative designed for the Korean won (KRW). This innovative project is part of a wider effort to create a more seamless and cost-effective currency exchange experience for tourists.
The crux of Project Namsan lies in its use of advanced blockchain technologies provided by Chainlink. The initiative employs Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate asset transfers across different blockchain networks. This technological foundation enables the stablecoin to interact smoothly with multiple ledgers, fostering a more interconnected financial ecosystem.
Central to Project Namsan is its pilot program launched in collaboration with Grand Korea Leisure (GKL), a corporation focusing on foreigner-only casinos. The pilot program, which commenced in July 2025, allows foreign tourists to exchange their USD-based stablecoins for KRW-denominated digital vouchers, ultimately aiming to deliver a foreign exchange option that is more than 30% cheaper than traditional currency exchange services.
By leveraging Chainlink Proof of Reserve, the project ensures that the stablecoins used for these transactions are adequately backed, providing on-chain verification of collateral. This not only enhances transparency but also boosts confidence among users by confirming that KRW vouchers are issued only after secure settlement of the stablecoin assets.
The launch of Project Namsan has garnered significant attention online, with many on social media platforms, including X (formerly Twitter), commending it as a “serious blockchain infrastructure play” for the Korean market. As one observer noted, the combination of CCIP and Proof of Reserve has the potential to transform digital payments, creating a game-changing effect on the operational landscape.
Despite the positive feedback, there are also voices of skepticism within the community. Some users have raised concerns about the need for concrete results and tangible benefits, urging the project to prove its viability beyond initial announcements.
This initiative builds on SOOHO.IO’s previous collaboration with the Bank of Korea regarding Purpose Bound Money (PBM), which allows for programmable controls over digital currencies. Jisu Park, CEO of SOOHO.IO, remarked on the significance of this initiative, positioning it as a global showcase for the company’s technology.
Niki Ariyasinghe from Chainlink Labs emphasized that the partnership paves the way for the integration of stablecoins into South Korea’s financial ecosystem, which is evolving under new regulatory frameworks for crypto lending. With the emergence of various KRW-backed stablecoins, Project Namsan represents a crucial test case for utilizing blockchain technologies to enhance financial interactions and tourism experiences in the region.
