Shinhan Teams Up with Solana for Won-Denominated Tokenized Fund

South Korea's Shinhan Asset Management has partnered with Solana to create a won-denominated tokenized investment fund. The four-party agreement, signed on August 21, will test investor checks, issuance, distribution, and on-chain liquidity for the new product.

The proposed fund will invest in short-term Korean won bonds and target overseas institutional investors. However, Shinhan has not announced the fund's size or expected yield.

Shinhan will provide asset management and regulatory expertise, while Etherfuse will supply infrastructure for creating and managing tokenized assets. Orca will help design the liquidity system used to distribute or exchange fund tokens on Solana.

The Solana Foundation noted that the model draws from BlackRock's BUIDL fund, one of the largest tokenized money market products. However, the comparison does not mean Shinhan's product will hold the same assets or offer the same legal rights.