Shinhan Asset Management Taps Solana Blockchain for Tokenized Fund Pilot
South Korea's Shinhan Asset Management has partnered with Solana Foundation, Etherfuse, and Orca to pilot a KRW-denominated tokenized fund on the Solana blockchain.
The four-party agreement aims to create a proof-of-concept for issuing Korean won-denominated tokenized funds. The initiative is modeled after BlackRock's tokenized fund BUIDL.STO, which was announced earlier this year.
Shinhan Asset Management has approximately 133.6 trillion won ($96.6 billion) in assets under management and wants to be positioned to move quickly once the regulatory system is live. The company aims to lead the market for managing KRW-based digital financial products.
The proof-of-concept will examine Know Your Customer and Anti-Money Laundering frameworks consistent with domestic and international requirements, as well as security audits, blockchain operations, regulatory compliance, and on-chain liquidity design.