Shinhan Taps Solana for Korea Won Tokenized Fund
Korea's Shinhan Asset Management is working on a Korean won tokenized fund using the Solana blockchain, according to a four-party memorandum signed with the Solana Foundation, Etherfuse, and Orca.
The agreement aims to test the entire tokenized fund process, including know your customer checks, anti-money laundering controls, token issuance, and onchain liquidity arrangements.
Shinhan will provide asset management and regulatory expertise, while Etherfuse will supply infrastructure for creating and managing the tokenized assets. Orca will help design the liquidity system used to distribute or exchange the fund tokens on Solana.
The model draws from BlackRock's BUIDL fund, one of the largest tokenized money market products. However, Shinhan's test concerns a Korean won product backed by short-term domestic bonds.