Chainlink and SOOHO.IO are piloting a new KRW stablecoin FX system in South Korea, aiming to cut costs for foreign tourists.
By Zoran Spirkovski
Editor Hamza Tariq
Updated
3 mins read
SOOHO.IO, a blockchain technology firm, has partnered with Chainlink LINK $21.24 24h volatility: 7.7% Market cap: $14.40 B Vol. 24h: $1.41 B to launch Project Namsan, a new initiative focused on the Korean won (KRW) stablecoin ecosystem.
The project is already running a live pilot program aimed at providing a low-cost foreign exchange (FX) option for tourists in South Korea.
The primary goal is to offer a more efficient alternative to traditional currency exchange. The pilot program aims to reduce FX costs significantly, with the project reporting that participants made payments at costs more than 30% lower than conventional channels, according to the official announcement.
The project is built on key Chainlink technologies, including its Cross-Chain Interoperability Protocol, a standard that is already gaining institutional adoption for connecting different blockchains.
It also uses Chainlink Proof of Reserve to supply continuous, on-chain verification of stablecoin reserves.
The pilot has been active since July 2025 in collaboration with Grand Korea Leisure (GKL), a public corporation that operates foreigner-only casinos.
In the trial, foreign tourists deposit a USD-based stablecoin and, in return, receive KRW-denominated digital vouchers. This model of using digital assets for tourism is part of a broader regional trend, aiming to streamline the payment process for visitors.
Chainlink’s technology plays a specific role in securing this process. CCIP enables the smooth transfer of assets between different networks, while Chainlink Proof of Reserve ensures that the KRW vouchers are only issued after the stablecoin settlement is validated on-chain.
This creates a more reliable and transparent system for all parties involved.
The announcement was met with a largely positive response on social media. Many observers on X (formerly Twitter) called it a “serious blockchain infrastructure play” for South Korea and a significant step for real-world adoption.
One user praised the use of CCIP and Proof of Reserve as a potential “game changer.”
Big move 👏 Chainlink + https://t.co/bxJogGPbJV pushing real-world adoption in Korea. Stablecoin rails with CCIP + PoR could be a game changer for digital payments.
— Samad Malik (@crypto_samad) September 22, 2025
However, the reaction was not universally positive. For balance, it’s important to note that some community members expressed skepticism.
One user called for the project to deliver “actual CCIP revenue and volume” rather than just another project announcement, reflecting a desire for tangible results.
Cant hear of another ‘Project’ unless they make some actual CCIP revenue and volume. Shut up
— snissn (@donttrustsergey) September 22, 2025
The initiative also builds on SOOHO.IO’s previous work with the Bank of Korea on Purpose Bound Money (PBM). This technology allows for programmable controls on how digital currencies can be used, adding another layer of functionality to the digital vouchers.
Jisu Park, CEO of SOOHO.IO, stated that the initiative is a meaningful achievement that showcases the company’s technology on a global stage.
In the announcement, Niki Ariyasinghe of Chainlink Labs added that the collaboration establishes a clear path for integrating stablecoins into the local financial ecosystem, which is operating under new crypto lending guidelines from the nation’s regulators and seeing the emergence of other KRW-backed stablecoins.
The project represents a key test for how blockchain can improve finance and tourism in the region.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
