Wemade is renewing its push for a Korean won-based stablecoin ecosystem, unveiling the Global Alliance for KRW Stablecoins (GAKS) with Chainalysis, CertiK and SentBe as its initial members.
According to the announcement, the alliance will support StableNet — a purpose-built mainnet for KRW-backed stablecoins — using open-source code and a consortium structure designed to satisfy institutional and regulatory standards.
Under the partnership, Chainalysis will provide real-time monitoring and threat detection, while CertiK will oversee node validation and conduct security audits. SentBe, a licensed international remittance provider operating in 174 countries, will supply the payments and compliance infrastructure needed to keep the initiative within South Korea’s regulated digital asset framework.
The launch marks a strategic attempt by Wemade to reposition itself as a long-term infrastructure player after a series of challenges, including token delistings and a bridge hack that eroded investor confidence.
Wemade’s Rocky Road and Its Stablecoin Pivot
Wemade’s move into KRW-based stablecoin infrastructure follows a turbulent seven-year transformation from a traditional gaming studio into one of South Korea’s most ambitious blockchain players.
The company launched its blockchain division in 2018, growing it from a four-person unit to a 200-employee operation. But that rapid expansion ran headfirst into South Korea’s shifting regulatory environment, forcing Wemade to scale back its play-to-earn (P2E) ambitions to overseas markets.
Much of the company’s regulatory friction centered on its WEMIX token. In 2022, major South Korean exchanges delisted WEMIX, citing mismatches between reported and actual token supply — a move that sent the token plunging more than 70%. The situation worsened in 2024 after a bridge exploit caused losses of roughly 9 billion won (about $6 million). Wemade’s delayed disclosure sparked additional scrutiny, leading to another round of delistings and further damaging investor confidence.
Against this backdrop, the company’s stablecoin strategy represents an effort to reset its reputation and pivot toward compliant, infrastructure-driven blockchain services. As reported by The Korea Times, Wemade is developing a dedicated KRW stablecoin mainnet but plans to avoid issuing the stablecoin itself, instead positioning the firm as a technology provider and consortium coordinator for other South Korean companies.
South Korea’s Post-Terra Landscape
The collapse of Terra in 2022 continues to shape South Korea’s approach to digital assets, particularly stablecoins. Since the fallout, both the Financial Services Commission (FSC) and the Bank of Korea (BOK) have adopted hardline positions, pushing for stronger liquidity standards, enhanced oversight and stricter disclosure requirements as they prepare a new stablecoin regulatory framework focused squarely on risk containment.
The BOK has also advocated giving banks a central role in stablecoin issuance to safeguard financial and foreign-exchange stability. Regulators warn that allowing non-bank entities to issue stablecoins at scale could undermine the country’s existing risk controls.
