Major South Korean blockchain gaming companies are turning their attention to stablecoin business as a new revenue source. This move is interpreted as an attempt to restructure in-game payment fee systems and enter the global payment market. However, regulatory uncertainties both domestically and internationally, along with past “coin risks,” are creating obstacles, making success uncertain.
Different Approaches: Wemade’s “Stability” vs. NEXUS’ “Aggression”
According to industry sources on the 13th, Wemade is considering pursuing stablecoin business in a consortium format. The company is building a Valley Data System that verifies the entire process from stablecoin issuance to distribution. The goal is to complete proof of concept (POC) by the end of August and launch a test version within the year.
Previously, Wemade issued and operated its own dollar-based stablecoin “WEMIX$,” and in June introduced the global stablecoin USDC to its blockchain mainnet “WEMIX 3.0.”
NEXUS (formerly ActionSquare) is moving even faster. In July, it established a dedicated stablecoin task force (TF) and recruited fintech strategy expert Vice President Ahn Jung-hyun as head. The company has registered the trademark for the won-based “KRWx” and is also preparing to issue multinational stablecoins based on currencies from 170 countries. A company representative stated, “In preparation for post-legalization, we are considering not only blockchain games but also entry into the payment market and collaboration with simple payment companies.”
Both companies aim to secure core transaction and payment methods within blockchain platforms to grow their own ecosystems and maximize net profits by reducing existing fee structures such as app markets (30%) and card companies/exchange fees (3-5%).
An industry insider said, “Stablecoins can create a simple payment structure connecting user wallets-blockchain networks-developer wallets, significantly reducing fee burdens.”
Stability Advantages Meet “Coin Risk” Burdens
Stablecoins are linked to real currencies with minimal value volatility, potentially serving as a “safety net” to prevent gaming economy collapse. With stable prices, user attrition can be prevented, and developers can focus on content expansion based on predictable economic systems. Conversely, blockchain games that introduced highly volatile regular coins have seen numerous failures. Nexon’s “MapleStory N” token “NXPC” plummeted 64% immediately after listing, causing the game economy to collapse.
However, neither company has precedent for directly applying stablecoins as base tokens in games. Wemade’s base token is “WEMIX.” WEMIX$ has been limited to auxiliary functions like exchange and DeFi (decentralized finance) deposits. Industry observers note, “While stability is high, many blockchain game users are motivated by profit potential. Reduced profit expectations could lead to user attrition.”
In South Korea, private stablecoin issuance is virtually impossible under current law. Issuance and operation guidelines are expected in the second phase of Digital Asset Basic Act legislation, but both companies need to restore trust following past coin controversies. Wemade had trading support suspended in the won market last year due to poor response to coin hacking incidents.
NEXUS CEO Jang Hyun-guk was indicted while serving as former Wemade CEO for allegedly distributing WEMIX coins exceeding promised quantities to investors without disclosure. He received a first-instance acquittal, but appeals proceedings are ongoing.
Wi Jeong-hyun, president of the Korea Game Society, stated, “Even if issuance requirements are met, obtaining financial authority approval will be difficult unless coin risks are resolved. The concern is that both companies’ stablecoin strategies appear similar to past WEMIX asset multiplication methods.”
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