Wemade Forges KRW Stablecoin Alliance with Chainalysis, CertiK & SentBe

Wemade Enters the Korean Won-Pegged Stablecoin Arena

Blockchain gaming company Wemade is spearheading the development of a Korean won-based stablecoin ecosystem, initiating a Global Alliance for KRW Stablecoins (GAKS) with Chainalysis, CertiK, and SentBe as founding members.

Wemade has announced that the alliance will provide support for StableNet, a dedicated mainnet tailored for Korean won-backed stablecoins. This will be achieved through publicly released code and a consortium model designed to adhere to institutional and regulatory demands. Under this collaborative framework, Chainalysis will integrate threat-detection and real-time monitoring capabilities, while CertiK will oversee node validation procedures and conduct thorough security audits.

Simultaneously, the money transfer service SentBe will contribute its licensed remittance infrastructure, which spans across 174 countries. This strategic integration enables the KRW stablecoin initiative to operate seamlessly within South Korea’s regulated digital asset ecosystem. The launch signifies a coordinated undertaking by Wemade to redefine its position as a long-term infrastructure provider, following a period marked by challenges, including token delistings and a bridge exploit that compromised investor confidence.

Wemade's Tumultuous Journey and Stablecoin Transformation

Wemade’s venture into stablecoin infrastructure follows a volatile seven-year expansion, evolving from a traditional gaming studio into one of South Korea's most ambitious blockchain pioneers.

The company established its blockchain division in 2018 and grew it from a modest four-person team to a substantial operation with 200 employees. However, this rapid growth encountered challenges due to the country's evolving regulatory environment, which necessitated the restriction of its play-to-earn (P2E) offerings to overseas markets. Much of the pressure confronting Wemade was centered around its native WEMIX token.

In 2022, South Korean exchanges delisted the asset, citing discrepancies between its reported and actual circulating supply. This decision triggered a precipitous price decline of over 70% for the token. The token suffered a further setback in 2024 when a bridge exploit resulted in losses amounting to 9 billion won (approximately $6 million). The company’s delayed disclosure of the incident attracted scrutiny and further eroded investor trust, leading to a subsequent wave of token delistings.

The stablecoin pivot represents a renewed attempt by Wemade to reshape the narrative surrounding the company and reposition its technology toward a more compliant and infrastructure-centric application. According to a Korea Times report, the company is currently developing a KRW-focused stablecoin mainnet while strategically avoiding becoming the stablecoin issuer itself. The company aims to establish itself as a technology partner and consortium builder for other South Korean enterprises.

South Korea's Regulatory Landscape Post-Terra Collapse

The collapse of Terra in 2022 continues to exert influence over South Korea’s digital asset policy, rendering lawmakers and regulators particularly sensitive to the inherent risks associated with stablecoins.

The Financial Services Commission (FSC) and the Bank of Korea (BoK) have adopted stringent stances since 2022, advocating for stricter liquidity requirements, enhanced oversight, and comprehensive disclosure regulations as they collaboratively develop a forthcoming stablecoin framework focused on mitigating potential risks.

The central bank has also advocated for assigning banks a leading role in stablecoin issuance, thereby contributing to the reduction of risks to financial and foreign exchange stability. The BoK has cautioned that permitting non-banking institutions to spearhead stablecoin issuance could potentially undermine existing regulatory frameworks.