SOOHO.IO, a leading blockchain technology company in Korea, has taken a major step toward shaping the future of digital finance with the launch of Project Namsan. In partnership with Chainlink, the initiative aims to pioneer a Korean won stablecoin ecosystem that could transform how cross-border payments and foreign exchange are handled. As part of the project’s first use case, a live pilot was conducted for foreign tourists, allowing participants to deposit USD-based stablecoins and receive KRW-denominated digital vouchers. The result was striking payment costs were reduced by more than 30% compared to traditional foreign exchange channels, offering a glimpse of how blockchain can make travel spending faster, cheaper, and more transparent.
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This effort builds on the long-standing collaboration between SOOHO.IO and Chainlink, which began in 2024 to explore tokenized assets and central bank digital currency (CBDC) use cases across Asia. It also reflects SOOHO.IO’s experience working with the Bank of Korea on Purpose Bound Money (PBM), a framework that brings programmable controls to stablecoin usage. By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve, the Namsan network ensures secure cross-chain connections, continuous verification of stablecoin reserves, and a delivery-versus-payment model that guarantees vouchers are issued only after settlement is validated. This creates a transparent and reliable foundation for stablecoin-powered foreign exchange.
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The pilot, which has been running since July in collaboration with Grand Korea Leisure (GKL), demonstrates the practical benefits of programmable money. GKL, known for operating the Seven Luck casinos for international visitors, attracts over 1.5 million tourists each year, making it an ideal partner to test the technology’s impact on tourism payments. For SOOHO.IO’s CEO Jisu Park, the initiative is proof that Korean blockchain innovation is gaining global recognition, positioning the company as a trusted partner in stablecoin clearing and settlement for financial institutions across the Asia-Pacific region. Chainlink’s Asia-Pacific and Middle East Head of Business Development, Niki Ariyasinghe, echoed this sentiment, noting that the collaboration showcases how interoperability and onchain transparency can bring stablecoins into Korea’s financial ecosystem at scale.
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Project Namsan highlights not just a technical milestone but also a vision for the future of finance in Korea, where blockchain-powered stablecoins could reshape cross-border transactions, improve efficiency, and unlock new opportunities for financial innovation.
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