Shinhan Asset Management has signed a four-way memorandum of understanding with the Solana Foundation, Etherfuse, and Orca to advance a proof of concept for issuing a won-denominated tokenized fund. According to Odaily, the structure will reference BlackRock’s BUIDL fund, with overseas institutional investors buying a won ultra-short-term bond fund managed by Shinhan Asset Management, and the holdings will be issued in tokenized form.

The proof of concept will cover KYC and AML frameworks, security audits, blockchain operations, compliance, and on-chain liquidity design. Shinhan Asset Management CEO Lee Seok-won said the goal is to be ready as soon as the system is implemented and to lead the market for won-based digital financial products. South Korea’s National Assembly passed an amendment to the STO legal framework in January, and it is set to take effect in February 2027.