Wemade, hit by the Wemix delisting… focuses on 'stablecoin' [Comprehensive]

Wemade aiming to globalize K-finance

Signals intent to preempt the Korean won stablecoin market

Wemade unveiled a dedicated stablecoin blockchain mainnet called 'Stable One.' The strategy is not only to issue Korean won stablecoins but to build a stablecoin platform usable both domestically and abroad.

Wemade held the 'Project Stable One' event on the 18th at the Ambassador Pullman Hotel in Jung-gu, Seoul. Wemade emphasized it would solve the '2-bul (不) problem' identified as a barrier to the popularization of Korean won stablecoins. The issues are inconvenience and unease.

Kim Seok-hwan, Wemade vice president, said, "Our (virtual asset system) customers sometimes inquire about lost passwords or incorrect transfers. But with general decentralized virtual assets (cryptocurrencies), there is nothing we can do to help. That's the nature of blockchain," adding, "If these problems are not resolved, the popularization of Korean won stablecoins will be difficult."

To solve the '2-bul problem,' Wemade proposed creating an institutional mechanism called the 'Stable Coin Bank' (tentative name). Vice President Kim said, "Korean won stablecoins must ultimately enter the institutional system and be absorbed into traditional finance. I believe there needs to be a place subject to state supervision," and added, "Only by performing such functions will the day come when stablecoins can be used for payments overseas."

Wemade also proposed establishing public infrastructure such as a 'virtual asset depository' (tentative name) to strengthen the global credibility of the Korean won stablecoin. Vice President Park said, "If laws or policies related to Korean won stablecoins are put in place, money from around the world could come to Korean won stablecoins instead of dollar stablecoins much more quickly," and emphasized, "I would like to officially request that the National Assembly and the government consider this issue."

Wemade has operated blockchain businesses for seven years. It has experience upgrading from Klaytn-based Wemix 2.0 to Ethereum-based Wemix 3.0, and has issued and circulated stablecoins such as Wemix$ Kurrency and USDC.e. It also developed and operated purpose-specific side blockchains that run in parallel with the mainnet. It possesses wallet detection and tracking technologies to detect abnormal transactions of virtual assets in games.

An Yong-un, Wemade's chief technology officer (CTO), emphasized, "Wemade's abnormal transaction detection technology is world-class."

Wemade stressed the need for a stable dedicated stablecoin blockchain infrastructure in Korea. Currently, USDC issuer Circle and USDT issuer Tether are preparing dedicated mainnets called Arc and Stable, respectively. Both mainnets are under development and are expected to launch next year. CTO An explained, "We could use these overseas mainnets, but they are tailored to overseas environments and are distant from domestic regulatory conditions."

Wemade's 'Stable One' mainnet is equipped with compatibility and high-performance data processing technologies to compete with global stablecoin issuers. In particular, it complies with domestic regulations and security requirements. Stable One is designed to be 100% compatible with Ethereum, where most existing stablecoins circulate. Services built for other stablecoins can be migrated and used as 'stablecoin' without separate modifications. Transaction fees can also be paid directly in stablecoins rather than a separate coin like Ethereum.

On the day, Wemade demonstrated the process of issuing, bridging, and burning a Korean won stablecoin based on an actual Woori Bank account for 10 million won to prove the Stable One system. Vice President Park emphasized, "The goal is to make the Korean won stablecoin usable like a key currency in the stablecoin market."

Su-bin Park, Hankyung.com reporter waterbean@hankyung.com