Chainlink has joined GAKS (Global Alliance for Korean Won Stablecoin).
The world’s largest institutional and enterprise oracle provider for onchain pricing and crypto assets infrastructure is expanding its APAC regional partnerships, with WeMade being a key partner within GAKS.
Public governing and advisory bodies are currently integral to maintaining momentum in getting rules passed for offering stablecoin services.
CBO Johan Eid at Chainlink Labs expressed:
Through the strategic alliance with WEMADE, Chainlink is providing industry expertise and key opportunities for GAKS members to leverage the Chainlink platform as they continue to develop stablecoin and tokenized asset initiatives in the Korean and APAC region.”
The focus of this primarily is on the provision of accurate market data and safety, as Chainlink has done for many of its institutional partners.
Other collaborations for GAKS from this includes working with secure audit and analytics companies Certik and Chainalysis too.
Slowed KRW Stablecoin Regulation And Issuance
Recently, the development surrounding legal framework for domestic regulation and issuance has come to a halt due to stakeholder differences.
Since the summer, the stablecoin narrative in South Korea hasn’t been as direct as in other regions.
Although many rounds of parliamentary discussions have declared priority issues, some conflicts have arised on broader power distribution – whether to leave KRW stablecoin issuance in the hands of private issuer providers or established institutions and banks.
Safe to say that all of this has impacted on the market cap of KRW stablecoins, with CoinGecko showing a current total of £1.3M with quite inconsistent daily volumes.
Also, there have been reports of increased Korean bank and fintech providers agreements with global partners, such as the consortium featuring Hana Financial Group, iM Financial Group and BNK Financial Group, as well as Bankware Global’s collaboration with USDA stablecoin issuer Anzens.
All this points to a more fragmented domestic regulatory space.
