Blockchain gaming company Wemade partners with Chainalysis, CertiK, and SentBe to establish a Global Alliance for KRW Stablecoins (GAKS). The alliance aims to support StableNet, a mainnet for Korean won-backed stablecoins, with real-time monitoring and licensed remittance infrastructure across 174 countries.

Wemade’s transition to stablecoin infrastructure comes after struggles with token delistings and a bridge hack that impacted investor confidence. The company’s growth in blockchain collided with evolving South Korean regulations, forcing a focus on overseas markets for play-to-earn offerings.

South Korea’s regulatory landscape post-Terra collapse sees the Financial Services Commission and Bank of Korea advocating for stricter liquidity, oversight, and disclosure rules for stablecoins. The BOK emphasizes banks leading stablecoin issuance to ensure financial and exchange stability, cautioning against non-banking institutions taking the lead.

Read more at Cointelegraph: Wemade Taps Chainalysis, Certik and Sentbe to Form Krw Stablecoin Alliance