South Korea’s Shinhan Asset Management announced on Aug. 21 that it has signed a four-party memorandum of understanding with the Solana Foundation, tokenization platform Etherfuse, and Solana-based decentralized exchange Orca to conduct a proof of concept for a won-denominated tokenized fund.
The pilot is modeled after BlackRock’s BUIDL initiative and focuses on verifying the full issuance and distribution process for a tokenized ultra-short-term bond fund managed by Shinhan. Under the structure, overseas institutional investors would purchase the fund and receive digital tokens representing its value, potentially streamlining settlement and improving accessibility. Solana Foundation provides blockchain infrastructure, Etherfuse contributes real-world asset tokenization expertise, and Orca may support trading or liquidity.
The move highlights growing institutional interest in blockchain-based asset management. Tokenized real-world assets currently represent about a $36 billion market, with BCG projecting the sector could expand to as much as $30 trillion by 2030. For South Korea, the initiative signals increasing acceptance of blockchain within regulated financial services, though securities laws and operational integration remain hurdles.
If the proof of concept succeeds, it could set a precedent for broader adoption of tokenized funds across Asia and encourage other traditional asset managers to explore similar digital innovation.
