preferred on
Points of Focus
- Shinhan signed a four-party MOU with the Solana Foundation, Etherfuse, and Orca for a KRW tokenized fund test.
- The PoC will test KYC, AML, FX compliance, and onchain liquidity using ultra-short-term won bond funds.
- The non-binding offshore test comes before Korea’s security-token rules are scheduled to take effect on Feb. 4, 2027.
Shinhan Asset Management is taking its won-denominated tokenization push to Solana through a four-party agreement with Solana Foundation, Etherfuse, and Orca. The proof of concept (PoC) will test how a KRW fund can be issued, distributed, and supported with onchain liquidity.
The structure uses Shinhan’s won ultra-short-term bond funds and is modeled on BlackRock’s BUIDL. Shinhan oversees about 133.6 trillion won in assets, making the test one of the larger institutional experiments with won-denominated assets on public blockchain infrastructure.
Shinhan tests tokenized fund workflow on Solana
The partners will test customer identification, Anti-Money Laundering (AML) controls, blockchain operations, foreign-exchange compliance, and onchain liquidity design. Etherfuse will handle tokenization infrastructure, while Orca will support liquidity design, according to the announcement.
Solana highlighted the agreement on X on Aug. 21, saying the PoC covers the full issuance and distribution process. Shinhan CEO Seok-won Lee said the goal is to have tested capabilities ready when Korea’s tokenized-securities regime begins.
BREAKING: Korea's Shinhan Asset Management is building a KRW tokenized fund on Solana, modeled on BlackRock's BUIDL
The four-party MOU with Solana Foundation, @etherfuse and @orca_so targets a tokenized RWA market at $36B today, projected by BCG to reach as much as $30 trillion… pic.twitter.com/XWnbGclYIB
— Solana (@solana) August 21, 2026
The memorandum of understanding (MOU) is non-binding, limited to technical verification, and based on an offshore market structure. Shinhan has not announced a token ticker, target fund size, launch date, or investor allocation.
South Korea’s National Assembly passed amendments covering tokenized securities in January. The Financial Services Commission said the framework is scheduled to take effect on Feb. 4, 2027, after subordinate rules and market infrastructure are completed.
Shinhan is testing multiple blockchain networks
The Solana deal is not Shinhan’s only tokenization test. On Aug. 14, the asset manager signed a separate MOU with Plume for another KRW-denominated fund PoC using ultra-short-term won bonds. In June, Shinhan also signed an agreement with the Canton Foundation covering network governance, tokenization research, and regulatory cooperation.
That broader activity shows Shinhan is testing several blockchain models rather than committing exclusively to Solana. The comparison could give the manager different routes for issuing and distributing won-denominated products once Korean rules permit them.
RWA.xyz data currently tracks about $27.65 billion in distributed tokenized assets. Solana’s announcement cited forecasts as high as $30 trillion by 2030, while BCG’s latest middle scenario puts the market at $14 trillion by then.
For now, Shinhan’s Solana agreement remains a technical test, with Korea’s tokenized-securities framework scheduled to take effect on Feb. 4, 2027.
Share
Most read articles
