PANews reported on September 22nd that South Korean blockchain technology company SOOHO.IO recently launched Project Namsan, an alliance initiative aimed at promoting the development of a South Korean won stablecoin ecosystem, with Chainlink participating as a key technical partner. The alliance has successfully launched a pilot application for foreign tourists as its first use case. Users can deposit US dollar stablecoins and receive digital South Korean won tokens for spending, at a 30% lower cost than traditional foreign exchange channels.

SOOHO.IO and Chainlink previously partnered in 2024 to develop use cases for tokenized assets and central bank digital currencies in Asia, laying the foundation for this new partnership. Furthermore, SOOHO.IO's previous collaboration with the Bank of Korea on Purpose Bound Money (Purpose Bound Money) also laid the foundation for this alliance, leveraging a programmable approach to controlling the use of stablecoins.

The Namsan Network is powered by the Chainlink Cross-Chain Interoperability Protocol (CCIP), enabling integration with multiple public and private blockchains. Chainlink also provides continuous verification of stablecoin reserves. This collaboration ensures that Korean won tokens are issued only after stablecoin settlement has been verified, creating a delivery-versus-payment (DvP) model that ensures transparency and reliability in the foreign exchange trading process.