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Wemade ignites a Korean stablecoin revolution! The blockchain gaming giant forges the Global Alliance for KRW Stablecoins (GAKS) with heavyweight partners Chainalysis, CertiK, and SentBe, aiming to unleash a won-denominated digital economy.
Wemade throws its weight behind StableNet, a groundbreaking mainnet designed specifically for Korean won-backed stablecoins. This isn’t just another blockchain project; it’s a bold move to bridge the gap between crypto and traditional finance. With publicly-released code and a collaborative consortium model, StableNet is built to satisfy both institutional demands and stringent regulatory standards, paving the way for wider adoption and innovation in the stablecoin space.
Under the partnership, Chainalysis will integrate threat-detection and real-time monitoring, while CertiK will handle node validation and security audits.
SentBe, a global money transfer powerhouse, is plugging in its remittance rails – spanning a staggering 174 countries. This unlocks a regulated gateway for South Korea’s burgeoning KRW stablecoin, allowing it to flourish within the nation’s digital asset ecosystem.
After weathering storms of token delistings and a bridge hack that shook investor trust, Wemade isn’t just rebuilding; it’s laying the foundation for a new era. This launch signals a bold pivot, transforming Wemade from a game developer to a long-term architect of blockchain infrastructure.
Source: Wemix
Wemade’s rocky road and stablecoin pivot
From gaming studio to blockchain titan: Wemade’s seven-year odyssey culminates in a bold leap into stablecoin infrastructure, solidifying its position as South Korea’s most audacious crypto visionary.
In 2018, a spark ignited: the company’s blockchain division. Fueled by ambition, a four-person team exploded into a 200-strong force. But this meteoric rise slammed against an unforeseen wall – shifting regulatory sands. The dream of domestic play-to-earn (P2E) dominance was curtailed, forcing a strategic pivot towards international horizons.
Wemade’s woes stemmed largely from its WEMIX token. A 2022 delisting by South Korean exchanges, triggered by a supply audit revealing significant discrepancies, sent the token’s value plummeting – a brutal 70% freefall that shook investor confidence.
2024 became another nightmare for the token. A bridge exploit siphoned away 9 billion won (roughly $6 million), leaving investors reeling. But the delayed confession? That was the knockout blow. The company’s silence fueled suspicion, vaporized trust, and triggered a second wave of delistings, sending the token into a death spiral.
Wemade’s stablecoin strategy: a calculated about-face, aiming to bury past controversies and rebrand their tech as a pillar of compliant, infrastructure-driven innovation.
Forget issuing stablecoins; this company is building the rails. According to the Korea Times, they’re developing a Korean Won-backed stablecoin mainnet, aiming to be the tech backbone and consortium builder for South Korean firms diving into the crypto space.
Related: Upbit hit with $36M Solana hot wallet breach day after $10B Naver deal
South Korea’s post-Terra regulatory landscape
The ghost of Terra’s 2022 implosion still haunts South Korean digital asset policy. Lawmakers and regulators remain hyper-aware, viewing stablecoins through a lens darkly tinted by that catastrophic event.
Since 2022, South Korea’s financial watchdogs, the FSC and BoK, have adopted a zero-tolerance approach. They’re forging a new stablecoin framework a regulatory fortress built on tighter liquidity, sharper oversight, and radical transparency all aimed at containing the inherent risks of these digital assets.
Instead of sidelining banks in the digital currency revolution, the central bank proposed empowering them as key players in stablecoin issuance. This move aims to harness their expertise, transforming them into a bulwark against potential financial and foreign exchange turbulence.
The BOK warned that allowing non-banking institutions to take the lead in stablecoin issuance could undermine existing regulations.
Magazine: Koreans ‘pump’ alts after Upbit hack, China BTC mining surge: Asia Express
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