Shinhan Financial Group Partners with Solana for KRW Tokenized Fund Verification
Shinhan Asset Management, part of South Korea's Shinhan Financial Group, has signed a memorandum of understanding (MOU) with the Solana Foundation, infrastructure company Etherfuse, and decentralized exchange Orca to conduct a proof-of-concept experiment.
In a breaking news update, Shinhan Asset Management is building a KRW tokenized fund on Solana, modeled after BlackRock's BUIDL. The MOU among Solana Foundation, @etherfuse, and @orca_so targets the current $36 billion tokenized RWA market, which BCG predicts will reach $30 trillion by 2030.
Utilizing the public blockchain Solana, the project aims to verify the issuance and distribution model of a KRW tokenized fund aimed at overseas institutional investors. The planned fund will be backed by ultra-short-term bonds denominated in Korean won managed by Shinhan. It follows the structure of BlackRock's tokenized fund "BUIDL," managing investment shares tokenized on the blockchain.
The proof-of-concept will not only involve token issuance but also ensure on-chain liquidity, security audits, and compliance with domestic and international regulatory standards, including KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, covering the entire lifecycle from account opening to operation.
Proactive Approach Ahead of 2027 STO Legalization
This initiative is not aimed at immediate commercial sales but at establishing an operational framework in anticipation of market entry post-institutionalization.
In the South Korean National Assembly, a bill related to Security Token Offerings (STOs) has been passed and announced, with a preparation period set for implementation in February 2027.
Lee Seok-won, CEO of Shinhan Asset Management, has expressed the desire to quickly enter the market upon the enforcement of the regulations and to lead the domain of won-denominated digital finance.
Expanding RWA Market and Financial Institutions' Participation
The tokenization market for RWA (real-world assets) is experiencing rapid global growth. According to industry data, the RWA market, excluding stablecoins, has surpassed $36 billion (approximately 5.7 trillion yen) and is projected to reach several trillion dollars in the future. In South Korea, the Ministry of Economy and Finance is conducting proof-of-concept experiments for deposit tokens, advancing technical verification with public and private sector collaboration.
Shinhan Group, with approximately 133 trillion won (about 15 trillion yen) in managed assets, embarking on verification based on Solana is likely to be a significant step for traditional financial institutions in developing the on-chain market.
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