Wemade Co., Ltd., a South Korea-based blockchain video game developer, has recently launched its stablecoin, WEMIX$, for the company’s growing blockchain ecosystem, which houses non-fungible tokens (NFTs) and decentralized finance (DeFi).

See related article: Wemade CEO expects South Korea to lift ‘absurd’ ban on P2E next year

Fast facts

  • Wemade issued 11 million WEMIX$ tokens on Saturday. The new stablecoin will be pegged to and backed completely by Circle’s USD Coin (USDC), according to Wemade’s press release.
  • To maintain the stablecoin’s value to US$1, Wemade has activated the DIOS protocol that issues and burns WEMIX$ to keep the token’s 1:1 ratio with USDC.
  • “If WEMIX$ operates successfully as planned, it will not only contribute to the growth of the mainnet ecosystem of WEMIX but also become a key currency for blockchain transactions,” said Henry Chang, chief executive officer (CEO) of Wemade, in the press release.
  • Along with the stablecoin, Wemade launched WEMIX.Fi, its DeFi service that allows users to store, swap and stake Wemade’s cryptocurrencies. 
  • The developments are to further expand on Wemade ’s Oct. 20 launch of WEMIX 3.0, its newest blockchain mainnet. Next up for Wemade is NILE (NFT Is Life Evolution), a platform for art, sports, music and other communities based on decentralized autonomous organizations (DAOs) to create and manage NFTs. 
  • Wemade is one of South Korea’s leading blockchain game developers, with play-and-earn MMORPG MIR4 reaching over 1.3 million in concurrent players last year.

See related article: Failed promises compel South Korea’s game makers to explore foreign shores