Project Namsan Complete Guide
Next-generation FX settlement infrastructure built by SOOHO.IO and Chainlink. From tourist payments to institutional FX trading, designing the future of finance with KRW stablecoins.
Project Namsan is an institutional stablecoin clearing and settlement infrastructure first unveiled by SOOHO.IO at the 'Seoul Digital Money Summit' in September 2025. It aims to solve high fees and slow settlement speeds in the traditional FX market using blockchain.
Key Features
- Institutional-grade stablecoin clearing and settlement layer
- Real-time bulk FX trading for multiple digital currencies
- PBM (Purpose Bound Money) issuance and management
- Regulation-friendly design for financial institution adoption
Project Info
- Unveiled: September 2025 (Seoul Digital Money Summit)
- Led by: SOOHO.IO
- Key Partners: Chainlink, Moca Network, Kleva AI
SOOHO.IO is a Korean blockchain technology company specializing in smart contract security audits and fintech infrastructure. Leveraging its expertise in security auditing, it focuses on building blockchain infrastructure for financial institutions.
SOOHO.IO
Blockchain security and fintech infrastructure specialist.
- Security Auditing: Smart contract security audit expertise
- Fintech Infrastructure: Blockchain solutions for financial institutions
- Regulatory Compliance: Optimized for Korean financial regulations
Key Partnerships
Strategic alliances with global blockchain infrastructure companies.
- Chainlink: CCIP cross-chain protocol and Proof of Reserve
- Moca Network: AIR Kit digital ID infrastructure integration
- Kleva AI: AI-powered digital asset payment layer
Ezys is the core service of Project Namsan—a next-generation FX settlement platform using stablecoins. It was officially demonstrated at the Seoul Digital Money Summit 2026 in February 2026.
How Ezys Works
Rate Collection
Automatically collects real-time FX rate quotes from multiple financial institutions.
Optimal Matching
An automated 'Solver Network' matches trades under optimal conditions.
Instant Settlement
Completes real-time settlement using stablecoins. T+0 (same-day settlement) is possible.
Proven Results
The Ezys platform demonstrated a ~70% reduction in FX fees compared to traditional services. This result comes from simplifying the complex intermediary structure of inter-bank FX trading through blockchain.
Tiko Pay is Project Namsan's consumer-facing service that allows foreign tourists to use their USD stablecoins (USDC, etc.) at Korean stores just like Korean won.
Pilot Program Results
Running a pilot program with Grand Korea Leisure (GKL) since July 2025, successfully providing tourists with KRW digital vouchers at over 30% lower cost than traditional exchange services.
Project Namsan has established a strategic partnership with Chainlink, the world's largest decentralized oracle network, to build core technical infrastructure.
CCIP (Cross-Chain Protocol)
Connects multiple public and private blockchains, enabling seamless exchange between stablecoins across different networks.
Proof of Reserve
Provides real-time verification of stablecoin reserves. KRW vouchers are issued only after stablecoin settlement is validated (DvP model).
DvP (Delivery vs Payment)
Asset transfer and payment occur simultaneously, minimizing counterparty risk.
Additional Partnerships
- Moca Network: Simplified user authentication via AIR Kit digital ID infrastructure
- Kleva AI: AI-powered optimal payment routing through digital asset payment layer
- Grand Korea Leisure (GKL): Tourism industry pilot program partner
Project Namsan goes beyond simple stablecoin transfers, aiming to build 'PBM (Purpose Bound Money)' infrastructure. This is also linked to Bank of Korea's CBDC research.
What is PBM?
PBM (Programmable Bank Money) is digital money that can only be used when specific conditions are met. Through smart contracts, usage purpose, period, and recipients can be automatically controlled.
- Conditional Payments: Automatic payment upon delivery confirmation (B2B trade finance)
- Local Currency: Digital vouchers usable only in specific regions or commercial districts
- Welfare Benefits: Digital welfare payments with restricted usage purposes
Regulatory Environment
Korea's Digital Asset Basic Act is expected to pass within Q1 2026. Once enacted, domestic KRW stablecoin issuance will be officially authorized for the first time in approximately 9 years. Project Namsan is proactively building infrastructure in anticipation of these regulatory changes.
GIWA and Project Namsan play complementary roles in the KRW stablecoin ecosystem. If GIWA is the 'road' (distribution infrastructure), Project Namsan is the 'terminal' (settlement and payment hub).
GIWA vs Project Namsan Comparison
| Category | GIWA | Project Namsan |
|---|---|---|
| Nature | Public Layer 2 blockchain infrastructure | FX settlement and payment infrastructure |
| Organization | Dunamu (Upbit) | SOOHO.IO (fintech specialist) |
| Key Advantage | Overwhelming liquidity and low fees | FX fee reduction and real-time settlement |
| Latest News | Cross-border remittance PoC with Hana Financial (Feb 2026) | Ezys platform official demonstration (Feb 2026) |
Key Insight
GIWA and Project Namsan are complementary rather than competitive, handling different layers of the KRW stablecoin ecosystem. GIWA lays the highway (distribution network), while Project Namsan operates FX and payment services on top of it.
Project Namsan will be the first large-scale case of KRW stablecoins being used in the real economy. Through clear use cases in FX settlement and tourist payments, it demonstrates the practical value of stablecoins.