The gaming-to-blockchain firm unites major compliance, security and remittance partners to support a regulated Korean-won stablecoin mainnet.
Wemade KRW Stablecoin Initiative Gains New Momentum
Wemade has launched a coordinated push to build a Korean won-based stablecoin ecosystem, unveiling the Global Alliance for KRW Stablecoins (GAKS) with Chainalysis, CertiK and SentBe as core partners. The alliance will back StableNet, a new mainnet designed specifically for KRW-pegged digital assets, with publicly available code and a framework aimed at institutional-grade compliance.
Under the partnership structure, Chainalysis will provide real-time monitoring and threat detection, while CertiK will oversee node validation and security assessments. SentBe, a licensed cross-border remittance company operating in 174 countries, will supply global payment rails, enabling the project to operate within South Korea’s regulated digital asset environment.
Wemade positions this pivot as a long-term rebuild after a series of setbacks, including token delistings and a bridge exploit that damaged investor trust.
The company’s shift signals a strategic attempt to become an infrastructure provider rather than a token-driven ecosystem.
Wemade’s Setbacks and Strategic Turn Toward Stablecoins
Over the last seven years, Wemade expanded from a traditional game studio into a major blockchain developer, growing from 4 employees to 200 within its digital assets division. But rapid growth collided with tougher rules at home, pushing the firm to restrict play-to-earn services to international markets.
Its native token, WEMIX, faced intense scrutiny. In 2022, South Korean exchanges delisted the token due to mismatches in reported and actual circulation, causing its price to fall more than 70%. Another hit came in 2024 when a bridge breach caused 9 billion KRW in losses and triggered a second round of delistings after delayed disclosure.
The company now aims to reposition itself by developing a KRW-focused stablecoin mainnet, while deliberately avoiding the role of issuer. Instead, Wemade seeks to act as a technology partner and consortium builder for domestic companies.
South Korea’s Regulatory Climate After the Terra Collapse
The 2022 Terra implosion continues to shape South Korea’s stablecoin policy, prompting regulators to reinforce liquidity requirements, oversight rules and disclosure standards. The Financial Services Commission and the Bank of Korea advocate for strict safeguards, with the central bank pushing for banks to lead stablecoin issuance to protect financial and FX stability.
Authorities warn that letting non-bank firms dominate issuance could weaken regulatory control, making compliance-aligned projects like Wemade’s crucial in the country’s evolving digital asset landscape.
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