Key Takeaways:
Shinhan Asset Management signed a four-party agreement on Aug. 21 to test a Korean won-denominated tokenized fund on Solana, ahead of South Korea's 2027 rollout of tokenized securities rules.
The model draws from BlackRock's BUIDL fund, one of the largest tokenized money market products, the Solana Foundation said in a statement. The comparison refers to the blockchain-based distribution model, not the underlying assets.
The proof of concept will examine investor verification, anti-money-laundering controls, token issuance and onchain liquidity arrangements. Shinhan brings asset management and regulatory expertise, Etherfuse supplies infrastructure for creating and managing tokenized assets, and Orca helps design the liquidity system for distributing fund tokens on Solana.
South Korea's National Assembly passed amendments on Jan. 15 recognizing distributed ledgers as valid securities registries, with implementation expected in early 2027. The Solana Foundation cited a Boston Consulting Group projection that tokenized real-world assets could reach $30 trillion by 2030.
Pilot targets offshore institutions with won bonds
The planned product would invest in short-term Korean won bonds and target overseas institutional investors. The participants have not announced the fund's size, expected yield or public launch date.
BlackRock's BUIDL primarily invests in U.S. Treasury bills, cash and repurchase agreements. By comparison, Shinhan's test concerns a Korean won product backed by short-term domestic bonds.
Solana offers low transaction fees and rapid settlement, which could support frequent subscriptions, redemptions and transfers. Those technical features do not remove securities registration, custody or investor protection requirements.
The network has already attracted other Asian asset managers. SBI Global Asset Management launched a tokenized Japanese equity fund on Solana in July through regulated tokenization platform DigiFT. Shinhan has also signed a separate agreement with Plume on Aug. 14 to develop a demonstration for a won-denominated tokenized fund, suggesting the manager is examining different technical and distribution models rather than committing exclusively to Solana.
Korea's 2027 framework sets the timeline
The Financial Services Commission said issuers will still need to satisfy existing securities registration and disclosure obligations, and unlicensed companies will not be allowed to broker tokenized securities. Regulators are preparing account management infrastructure and investor protection rules before the rollout.
Solana said the existing tokenized real-world asset market was worth about $36 billion. BCG's more recent middle scenario estimates tokenized real-world assets could reach $14 trillion by 2030 and $55 trillion by 2035, while its faster growth scenario places the market as high as $88 trillion by 2035. Publicly visible onchain assets grew to approximately $30 billion by mid-2026, led by private credit and tokenized government debt.
The next stage involves completing the proof of concept and aligning the fund structure with Korea's final rules. Any commercial launch will depend on regulatory approval, operational testing and demand from eligible overseas institutions.
This article is for informational purposes only and does not constitute investment advice.
