Solana Could Be South Korea's Next Big Tokenization Play

South Korea's Shinhan Asset Management is moving to put Korean won-denominated fund assets on a public blockchain, selecting Solana as the infrastructure for a proof-of-concept that could position the network at the centre of Asia's fast-developing real-world asset market.

A Four-Way Bet on Solana

Shinhan Asset Management signed a four-way MOU with the Solana Foundation, Etherfuse, and Orca to test issuing won-denominated funds as blockchain tokens. The counterparties bring distinct roles to the table: Etherfuse as a tokenized issuance platform, and Orca as an onchain liquidity infrastructure provider.

The central aim of the agreement is to test whether the digital product structure that BlackRock introduced through its tokenized fund BUIDL can be applied to won-denominated assets. The pilot will cover the full lifecycle of a tokenized fund, from issuance and investor distribution through to regulatory compliance, blockchain operations, and onchain liquidity.

The companies will also test compliance requirements for tokenized investment products, including whitelist-based transfer restrictions, onchain operations, Know-Your-Customer checks, and Anti-Money Laundering controls.

The agreement itself is a non-binding memorandum confirming an intent to cooperate, and the review is limited to a proof of concept premised on offshore markets. Shinhan Asset Management oversees approximately KRW 133.6 trillion (around USD 100 billion) across public and private markets and serves as the dedicated asset management arm of Shinhan Financial Group, one of Korea's largest financial holding companies.

Racing Ahead of Korea's STO Regime

The firm aims to build design and management capabilities for digital financial products before South Korea completes its regulatory framework for security token offerings. That window is narrowing. South Korea's national legislature voted to pass amendments governing tokenized securities, creating a regulated pathway for the issuance and trading of blockchain-based securities, through amendments to the Capital Markets Act and the Electronic Securities Act. The laws are set to take effect in January 2027 following a one-year preparation period.

Shinhan Asset Management said it will focus on technical validation and infrastructure preparation until South Korea's security token regime takes effect, and will later identify products that can be issued and distributed in line with legislation and financial regulators' guidelines.

The move reflects a broader push by Korean financial institutions to develop onchain capabilities before domestic rules go live, with Solana positioning itself as a preferred network for institutional tokenization in the region.

Sources:
Seoul Economic Daily: Shinhan Asset Signs Four-Way Pact to Test Tokenized Won Funds
PR Newswire: Shinhan Asset Management Signs MOU with Plume
CoinSpeaker: South Korea Amends Tokenized Securities Framework