Blockchain gaming company Wemade is spearheading a Korean won-backed stablecoin ecosystem by forming the Global Alliance for KRW Stablecoins (GAKS), with Chainalysis, CertiK, and SentBe as founding partners.

The alliance will support StableNet, a dedicated mainnet for KRW stablecoins, featuring publicly released code and a consortium governance model designed to meet institutional and regulatory standards.

Key Roles in the Alliance

• Chainalysis: Integrates threat detection and real-time monitoring.
• CertiK: Handles node validation and security audits.
• SentBe: Provides licensed remittance infrastructure across 174 countries, enabling regulated global transfers.

Wemade positions itself as a technology partner and consortium builder, rather than a stablecoin issuer, aiming to operate within South Korea’s regulated digital asset framework.

Wemade’s Journey and Stablecoin Pivot

Wemade has navigated a turbulent path from traditional gaming studio to blockchain builder. Since launching its blockchain division in 2018, the team has grown from 4 to 200 employees, but rapid expansion collided with regulatory challenges, limiting its play-to-earn (P2E) offerings to overseas markets.

Significant setbacks included:

• 2022 WEMIX token delistings, causing a 70% price drop due to discrepancies in reported vs. actual supply.
• 2024 bridge exploit, resulting in 9 billion won (~$6M) in losses, eroding investor trust and prompting additional token delistings.

The stablecoin pivot represents an effort to reset Wemade’s narrative, focusing on compliant infrastructure and positioning the company as a long-term technology builder.

Regulatory Landscape in South Korea

The Terra collapse in 2022 has left South Korea highly cautious regarding stablecoins.

• The Financial Services Commission (FSC) and Bank of Korea (BOK) have imposed strict liquidity, oversight, and disclosure requirements.
• BOK emphasizes that banks should lead stablecoin issuance to protect financial and foreign exchange stability.
• Non-banking issuance remains under scrutiny to prevent regulatory gaps.

Wemade’s KRW stablecoin initiative aligns with this regulatory environment, aiming to offer institutional-grade compliance and security while supporting the broader adoption of stablecoins in South Korea.