Solana Scores Big in South Korea with Shinhan Tokenized Fund
South Korea's financial giant Shinhan Asset Management has launched a pilot tokenized fund on the Solana blockchain, denominated in Korean won (KRW). The product replicates the structure of BlackRock's BUIDL fund, which is the largest player in the real-world asset (RWA) sector.
The partnership includes the Solana Foundation, fintech platform Etherfuse, and decentralized exchange Orca. As part of the proof of concept (PoC), the partners are testing the entire operational cycle, from customer verification to foreign exchange compliance.
Solana was chosen due to its current position in the tokenization market, ranking third globally by the value of distributed RWA assets, with $3.86 billion, and leading by the number of launched projects, with 2,678 compared to Ethereum's 2,268.
The BlackRock USD Institutional Digital Liquidity Fund operates on Solana with $695 million in assets, making it the network's undisputed leader.