"Just as K-culture succeeded through global platforms, the won can meet the innovative platform of stablecoins and create a new financial Korean Wave. Wemade is one of the very few companies that has tried most businesses in the blockchain ecosystem over the past eight years, and based on this experience, we will contribute to the won stablecoin ecosystem."
Vice President Kim Seok-hwan of Wemade said this at the "Project Stable One" event held on the 18th at the Ambassador Seoul Pullman Hotel in Jung-gu, Seoul. On this day, Wemade made official its entry into the won stablecoin business and unveiled its dedicated blockchain mainnet, "Stable One (STABLE ONE)."
A feature of "Stable One" is that it is 100% compatible with Ethereum, where most existing stablecoins circulate, so services created for other stablecoins can be transferred and used without modification. With ultra-high-speed data processing capable of handling more than 3,000 transactions (verification cases) per second, it can fully accommodate Korea's simple payment transaction volume. Convenience in paying transaction fees has also been enhanced. Wemade built a "native fee" system that lets users pay transaction fees directly with stablecoins. In particular, it provides a dedicated processing space that guarantees priority for corporate operators' transactions and a development application programming interface (API) optimized for Korea's financial computing network.
Chief Technology Officer (CTO) An Yong-un of Wemade said, "Wemade has experience with two mainnet upgrades, the development and operation of numerous side blockchains, and the development of hundreds of virtual asset wallets and smart contracts," adding, "Based on this, we are building the stablecoin-specialized infrastructure 'Stable One,' and to compete with global stablecoin issuers, it is a blockchain that ensures global compatibility and high-performance data processing while complying with domestic regulatory and security requirements."
Wemade also demonstrated how Stable One operates. It reproduced the processes of issuing a provisional stablecoin called "KRC1," bridging, burning, and transferring, and executing payments at a virtual stablecoin-accepting merchant. It also demonstrated protective measures that immediately halt upon detecting abnormal transactions. In this process, the central body overseeing the stablecoin business, the "master minter," and financial operators, the "minters," which handle issuance and distribution of the stablecoin, were shown with screens that can monitor the actual issuance and distribution process of a won stablecoin.
Kim said the company will pursue the won stablecoin business in a consortium format, not alone, together with Stable One going forward. He also proposed that the political sphere discuss building infrastructure for establishing a stablecoin-only bank and a central securities depository. Wemade is currently conducting internal tests of the "Stable One" chain. It plans to release all source code, excluding add-on services such as financial infrastructure consolidation, as an open-source project in Oct., and to open the "Stable One" chain testnet in Nov. After stability verification, it plans an official launch in the first quarter of next year.
Kim also said, "Wemade is not trying to make a fortune with stablecoins or become a financial institution itself," adding, "As a technology contributor that promotes the related industry, we will lead the stablecoin business together with partner companies." He continued, "The government's legislative discussions are active, and if differentiation is achieved quickly and it takes hold, I think Korea can become a country that lives on finance much more than expected."
Meanwhile, Wemade also dispelled security concerns stemming from the past WEMIX hacking incident. After the event, CTO An said at a press briefing, "I can assert that damage like the WEMIX hack will never happen again." He added, "The foundation of Web3 is decentralization, but we judged that protecting customer assets is more important, so we established a 24-hour monitoring system," explaining, "As we come from an exchange background, we have secured a commensurate level of security."
Kim also said, "This year, a hack exceeding 1 trillion won occurred at the virtual asset exchange Bybit, and we completely overhauled our security processes after the WEMIX hacking incident," adding, "The new mainnet will also be built as a consortium chain in which banks and other financial institutions operate nodes, securing regulatory compliance and safety."