South Korea’s Shinhan Taps Solana to Launch Won-Based Tokenized Fund Project

Summary

• Shinhan Asset Management partnered with Solana Foundation, Etherfuse, and Orca to develop a Korean won-denominated tokenized fund for institutional investors.
• South Korea’s security token framework takes effect in February 2027, supporting financial institutions developing regulated blockchain-based investment products and services.
• Tokenized real-world assets reached $36.27 billion, while Shinhan manages approximately $96.6 billion in assets, adding institutional scale to the project.

 

South Korean financial giant Shinhan Asset Management has partnered with Solana Foundation, Etherfuse, and Orca to develop a won-denominated tokenized fund. According to Solana, the fund will operate on its blockchain and follow BlackRock’s BUIDL model, with the four-party agreement covering a proof-of-concept for issuance and distribution.

Shinhan plans to offer overseas institutional investors access to a KRW ultra-short-term bond fund under the proposed structure. Investors would purchase interests in the Shinhan-managed fund, while their holdings would receive tokenized representations through blockchain infrastructure.

Moreover, the participants will examine know-your-customer procedures and anti-money laundering controls covering domestic and international requirements. Their work will also assess security audits, blockchain operations, regulatory compliance, and mechanisms supporting on-chain liquidity. Shinhan CEO Lee Seok-won explained that the company wants capabilities ready when South Korea implements its regulatory system.

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South Korea Prepares Regulatory Framework for Tokenized Securities

South Korea has already created a legal pathway for financial institutions seeking to develop regulated blockchain-based securities. Lawmakers approved amendments establishing a framework for security token offerings in January 2026 and promulgated them the following month.

The regulatory framework will become effective in February 2027, giving financial companies time to prepare tokenized securities infrastructure. Consequently, several major Korean financial institutions have started developing services designed for the country’s emerging digital securities sector.

Government agencies are exploring similar technology within traditional finance through controlled pilot programs. In April, the Ministry of Finance and Economy launched a pilot testing blockchain-based deposit tokens for official government expenses.

Shinhan Targets Expanding Tokenized Asset Market

Shinhan’s project also places the financial group within the rapidly expanding market for tokenized real-world assets. An RWA.io report referenced by Shinhan valued tokenized real-world assets, excluding stablecoins, at approximately $36.27 billion.

That represents an increase of roughly 2,200% from the market’s estimated size in 2020. Solana’s post also highlighted BCG projections estimating that tokenized assets could reach up to $30 trillion by 2030.

Meanwhile, Shinhan brings considerable institutional scale to the project through its position within the broader Shinhan Financial Group. As of August 2026, Shinhan Asset Management reported approximately 133.6 trillion won, or $96.6 billion, in assets under management.

The proof of concept will test whether Solana’s infrastructure can support Shinhan’s KRW investment product while meeting regulatory and operational requirements. Ultimately, the partnership gives Shinhan a route to prepare its tokenized fund infrastructure before South Korea’s STO framework becomes effective.

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