Shinhan Asset Management has signed a memorandum of understanding with Plume Network to conduct a proof-of-concept for a Korean won-denominated tokenized fund, the firms announced on Aug. 14. The pilot will use Shinhan’s won ultra-short bond fund as the underlying asset and is designed to test offshore demand for won-based financial products.
The project is benchmarked against BlackRock’s BUIDL tokenized fund, which has become a reference point for on-chain treasury products. It will simulate the full process of issuing and distributing a tokenized fund in a third-country offshore market, with access restrictions for Korean residents to comply with local regulatory requirements.
Shinhan noted that global stablecoin issuance has surpassed $300 billion, while won-denominated assets remain minimally represented on-chain. The initiative could pave the way for South Korean financial institutions to issue tokenized products internationally, although regulatory hurdles and market acceptance remain unresolved. A commercial launch is not guaranteed, and the firms will use the proof-of-concept to evaluate technical and regulatory requirements for bringing the product on-chain.
