South Korea’s MIR4 maker Wemade launches stablecoin

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).

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.

Danny Park(2022.10.24) “South Korea’s MIR4 maker Wemade launches stablecoin”
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