Shinhan Asset Partners with Solana for Won-Denominated Tokenized Funds

Shinhan Asset Management has partnered with Solana to test tokenized won funds. The company signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse, and Orca to develop a proof of concept for issuing and distributing won-denominated tokens. The goal is to create a structure where overseas institutional investors can buy ultra-short bond funds managed by Shinhan Asset Management and receive tokens representing the fund.

The project will examine know-your-customer and anti-money-laundering frameworks, blockchain operating models, compliance with South Korea's Foreign Exchange Transactions Act, and on-chain liquidity design. The parties aim to apply a digital financial product structure similar to BlackRock's tokenized fund BUIDL to won-based assets.

Shinhan Asset Management aims to secure issuance and operational capabilities before the launch of South Korea's security token offering regime. CEO Lee Seok-won stated that the company will work with top-tier global partners to demonstrate issuance and distribution structures for won-denominated digital products.