Chainlink, LG CNS Partner to Build Infrastructure for Won Stablecoins
Summary
- Chainlink (LINK) and LG CNS announced a strategic partnership to expand South Korea’s won stablecoin market.
- The companies said they will focus on expanding the use of won-pegged stablecoins, building the foundation for their circulation, and advancing infrastructure for South Korea’s digital-asset market.
- LG CNS said it will integrate Chainlink’s cross-chain, data and orchestration infrastructure into its institutional digital-asset platform and accelerate growth in South Korea’s tokenized securities market.
Forecast Trend Report by Period
Chainlink, the blockchain oracle network behind LINK, has entered into a strategic partnership with LG CNS, the IT services arm of LG Group, to expand South Korea’s won stablecoin market.
The two companies announced the partnership to advance infrastructure for South Korea’s digital-asset market, according to a report by The Block on Oct. 22. They plan to focus on expanding the use of won-pegged stablecoins and building a foundation for their circulation.
South Korea currently lacks a clear legal basis for the commercial issuance and trading of won stablecoins. The government and the National Assembly are pushing to enact a Framework Act on Digital Assets that would include rules for won stablecoins. The Block said the number of potential won stablecoin users in South Korea exceeds 11 million.
Beyond stablecoins, LG CNS plans to integrate Chainlink’s cross-chain, data and orchestration infrastructure into its institutional digital-asset platform. The companies also plan to work together on South Korea’s efforts to develop its digital-asset regulatory framework.
“Korea’s financial infrastructure is entering the tokenization era,” Kim Hong-geun, vice president and head of the Digital Business Division at LG CNS, said. “Together with Chainlink, we will accelerate growth in Korea’s tokenized securities market based on secure interoperability and real-world data, while laying the groundwork for global expansion.”
LG CNS is also the lead contractor for Project Hangang, the Bank of Korea’s digital currency project. LG Group is one of South Korea’s largest conglomerates, with about 186 trillion won ($134.8 billion) in assets across 63 affiliates.
