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- Sooho․IO and Chainlink launch Project Namsan to cut foreign exchange costs with a stablecoin-based voucher system in Korea.
- Pilot with Grand Korea Leisure shows tourists saved over 30% on exchange fees using digital won vouchers backed by stablecoins.
Project Namsan has been launched in Korea by Sooho․IO in partnership with Chainlink to test a stablecoin system that can reduce the cost of foreign exchange. The project has already carried out a live pilot with foreign tourists who exchanged dollar-based stablecoins for Korean won vouchers, cutting costs by more than 30% compared to traditional channels.
Project Namsan Pilot and Early Results
The pilot program began in July and was supported by Grand Korea Leisure (GKL), a public corporation that runs the “Seven Luck” casinos, which cater to international visitors. GKL welcomes about 1.5 million foreign guests each year and was chosen as a key partner to test how the vouchers work in real settings.
Tourists taking part deposited U.S. dollar stablecoins and received Korean won vouchers that could be used for payments. This test showed that using stablecoins as the base currency can lower the high fees usually tied to money exchange.
Interestingly, Sooho․IO has been active in building digital money systems in Korea, including earlier work with the Bank of Korea on Purpose Bound Money, which sets rules on how digital tokens can be used. Project Namsan extends that work, with Chainlink providing the technical systems needed for security and reliability.
It is worth mentioning that this partnership coincides with Chainlink co-founder’s recent comments on digital assets. As noted in our earlier post, Sergey Nazarov stated that the U.S. Securities and Exchange Commission is shifting its stance on the crypto market.
It also comes in the season of major news for the project. As we reported last week, the Saudi Awwal Bank has selected the Chainlink network to deploy on-chain applications in Saudi Arabia.
Chainlink’s Role and Industry Response
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) connects Project Namsan to different blockchains, while its Proof of Reserve service checks that stablecoin reserves exist before vouchers are issued. This ensures that every Korean won voucher is backed by actual stablecoins, creating a system of trust for both users and institutions.
According to the update, the model is known as Delivery-vs-Payment, which means transactions are only completed once reserves are confirmed. Chainlink’s tools already support global decentralized finance networks and have verified trillions of dollars in value since 2022.
In addition, by applying these systems in Korea, the project sets a clear path for stablecoin use in real markets. Jisu Park, CEO of Sooho․IO, said the collaboration proves that Korean technology is gaining global recognition and stressed the role of the company as a clearing and settlement partner for Asia-Pacific institutions.
Also, Niki Ariyasinghe, Chainlink’s Head of Business Development for Asia-Pacific and the Middle East, said the project shows how verifiable data and interoperability can support stablecoin use in Korea’s financial system.
With the pilot completed, Project Namsan is being viewed as an early step toward broader use of stablecoins in Korea and across Asia. Notably, while this partnership adds to the recent growth of the project ecosystem, CNF reported that Chainlink, through buybacks, has added more than 43,000 LINK to reserves, boosting market confidence.
