Chainlink Expands Asia Footprint With Korea-Focused KRW Stablecoin Partnership

• Chainlink Labs has joined the Global Alliance for KRW Stablecoin to expand the adoption of stablecoins backed by the Korean won.
• Chainlink will enable the Alliance to establish global standards and deploy digital assets for institutional use cases.

Chainlink Labs has joined a South Korean industry organization dedicated to promoting the adoption of stablecoins backed by the Korean won. Known as the Global Alliance for KRW Stablecoin (GAKS), the organization was launched last year and pushes for the real-world adoption of KRW stablecoins, including working with regulators to lobby for friendly regulations.

Chainlink Labs is now the newest member of the Alliance, which includes other heavyweights like blockchain security leaders CertiK and Chainalysis. It was founded by WeMade, a Korean game developer whose platforms boast over 600 million users across gaming, blockchain protocols and payments systems.

WeMade Vice President, Kim Seok-hwan, commented:

Stablecoins have become a vital part of Korea’s vibrant digital asset ecosystem. As reported by CNF, Avalanche partnered with Woori Bank last year to pilot the KRW1 stablecoin, Korea’s first won-backed token. Unlike in many other countries, commercial banks have taken an interest in stablecoins in Korea and continue to be highly involved, as detailed by CNF.

Chainlink to Power Korea’s Stablecoin Rise

According to WeMade, GAKS will rely on Chainlink’s infrastructure to establish global standards for Korean won-backed stablecoins. The Alliance has been promoting these stablecoins as global tokens and not just local solutions as it seeks to offer competition for USD-backed rivals, which have dominated by up to 99%.

Chainlink’s oracle network will also be used to ensure that KRW stablecoins maintain data integrity and market stability.

“Through the strategic alliance with WEMADE, Chainlink is providing industry expertise and key opportunities for GAKS members to leverage the Chainlink platform as they continue to develop stablecoin and tokenized asset initiatives in the Korean and APAC region,” commented Johann Eid, the chief business officer at Chainlink Labs.

GAKS believes that Chainlink will accelerate global trust in KRW stablecoins. The oracle network is now the world’s largest and has been integrated into every other network as a bridge between onchain records and real-world data.

As reported by CNF, Chainlink announced partnerships with 3 services across 8 different blockchains this week, including BitMEX and QuickSwap. It has now enabled over $27 trillion in total transaction value and transmitted 19 billion messages, and targets bringing over $867 trillion worth of global finance onchain, as CNF detailed.

LINK trades at $11.95, gaining 1% in the past day, despite the trading volume dropping by 36% to settle at $306 million.