Shinhan Asset Management Signs Solana PoC Deal for Won-Denominated Tokenised MMF
Key points
- Shinhan Asset Management signed a nonbinding agreement with the Solana Foundation, Orca, and Etherfuse to conduct a PoC for a Korean won tokenised MMF targeting offshore institutional investors.
- Solana described the initiative as a first step toward applying the digital product model of BlackRock's BUIDL fund to Korean won assets.
- This is believed to be Shinhan AM's third blockchain partnership for a similar fund structure in recent months, following deals with Plume and the Canton Foundation.
- The PoC will cover KYC, AML, Korean foreign exchange law, and international compliance, as well as security audits and on-chain liquidity via Orca's Solana-based DEX.
- Etherfuse, the tokenisation partner, already offers tokenised sovereign bonds in six currencies including the Korean won, giving the trial an operational reference point for won-denominated issuance.
Shinhan Asset Management has signed a nonbinding agreement with the Solana Foundation, decentralised exchange Orca, and tokenisation firm Etherfuse to run a proof of concept (PoC) for a Korean won-denominated tokenised money market fund (MMF) aimed at offshore institutional investors. Solana has framed the initiative as an early move toward applying the product model established by BlackRock‘s BUIDL fund to Korean won assets.
This appears to be at least the third blockchain partnership Shinhan AM has pursued for a similar purpose within recent months. Last week Plume announced a memorandum of understanding for a comparable PoC, and in June Shinhan AM joined the Canton Network for offshore distribution via a deal with the Canton Foundation. Shinhan Financial also holds an investment in Canton’s founding firm, Digital Asset.
The underlying product would be a tokenised fund invested in ultra-short-dated bonds. The PoC scope extends beyond basic on-chain issuance to cover know-your-customer and anti-money-laundering compliance, Korea’s foreign exchange regulations, and relevant international law. Security audits and on-chain liquidity are also part of the trial, with Orca providing the Solana-based decentralised exchange infrastructure for the liquidity component and Etherfuse serving as the tokenisation partner, a startup that already offers tokenised sovereign bonds across six currencies including the Korean won.
More on the wire
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- Hana Bank completes South Korea's first digital bond via Euroclear blockchain
- KEB Hana Bank Becomes First Korean Issuer on Euroclear's D-FMI With $100 Million Bond
- Korea's FSC Maps Three-Phase Rollout for Tokenised Securities From 2027