Wemade teams up with Chainalysis, CertiK, and SentBe to build a Korean won-backed stablecoin network.
- Wemade creates GAKS to support KRW-based stablecoins through StableNet.
- Chainalysis, CertiK, and SentBe bring security and remittance tools.
- The move follows past issues with WEMIX token and local regulations.
A New Stablecoin Network in South Korea
Wemade has launched a new project called the Global Alliance for KRW Stablecoins (GAKS). It will help build a network of Korean won-backed stablecoins called StableNet. Major companies are helping out, including Chainalysis, CertiK, and SentBe.
This alliance aims to make the network safe, legal, and open. The code will be public, and many companies can take part. The idea is to make stablecoins more trusted and useful inside South Korea’s digital asset rules.
What Each Partner Will Do
Chainalysis will add real-time monitoring and look for threats. CertiK will take care of security by checking the system and making sure the data is safe. SentBe, a money transfer company, will use its license to help move money across 174 countries. This lets the project stay legal under South Korean laws.
Wemade is not trying to issue the stablecoin itself. Instead, it wants to be the tech builder and work with other local companies in a group setup (a consortium model).
Wemade’s Past Challenges
Wemade started in gaming but entered blockchain in 2018. It quickly grew to over 200 employees. However, it ran into issues. South Korea’s tight rules made it hard to run gaming projects that paid users with crypto (play-to-earn), so those efforts stayed overseas.
The company’s token, WEMIX, was delisted by major exchanges in 2022 after supply discrepancies. The price fell over 70%. In 2024, around 9 billion won ($6 million) was lost in a hack. That event hurt the company’s image even more, especially since the news came out late.
South Korea Tightens Controls After Terra Crash
Since the collapse of Terra in 2022, South Korea has taken stablecoin risks more seriously. The Bank of Korea and Financial Services Commission are working on new rules. These include stronger checks, more transparency, and making banks lead stablecoin projects to protect the economy.
Wemade’s new alliance aligns with that vision. It supports local rules and avoids being the coin issuer. That makes it more likely that regulators will allow the project to grow.
Source: cointelegraph.com
