South Korean asset manager Shinhan Asset Management signed an agreement with blockchain platform Plume Network to launch a pilot project focused on tokenizing funds denominated in the Korean won. The companies will test the full lifecycle of a tokenized fund based on an ultra-short-term bond fund, from issuance through secondary transfers.
Shinhan Asset Management, one of South Korea’s largest asset managers, announced that it signed a memorandum of understanding (MOU) with Plume Network, a global blockchain platform specializing in real world asset (RWA) tokenization. The partners plan to conduct a proof of concept (PoC) for infrastructure supporting tokenized investment products denominated in Korean won, using a fund that invests in short term debt instruments.
The project aims to assess whether won denominated assets can be introduced to the global on-chain market, which is currently dominated by U.S. dollar denominated instruments. According to the company, the total stablecoin supply exceeded $300 billion, while Korean won based financial products remain rarely used across blockchain infrastructure.
Plume Network is registered with the U.S. Securities and Exchange Commission (SEC) as a transfer agent and is a member of the Digital Assets Solutions Industry Working Group, established by DTCC to develop industry standards ahead of the planned launch of its tokenization service in October.
The partners will use BlackRock’s BUIDL tokenized fund model as the foundation for the pilot. The initiative will test the complete lifecycle of a tokenized fund, from issuance through circulation. As part of the project, the companies will evaluate:
- whitelist based transfer restriction mechanisms;
- the architecture of the on-chain infrastructure;
- compliance with KYC, AML, and other regulatory requirements.
The proof of concept will take place outside South Korea. The project doesn’t involve the actual issuance or circulation of tokenized securities. The company said South Korean residents will be fully excluded from participation through both technical controls and contractual restrictions. Any future product launch will depend on the introduction of an appropriate regulatory framework and the receipt of all required regulatory approvals.
Shinhan Asset Management CEO Lee Seok Won said the company views the project as an opportunity to prepare infrastructure for future Korean won based tokenized financial products and evaluate how international institutional standards apply to such assets. Plume Network CEO Chris Yin said the partnership marked the first step toward integrating regulated Korean won denominated assets into the global RWA market.
The initiative complements broader digital asset efforts within Shinhan Financial Group, the parent company of Shinhan Asset Management. Shinhan Bank is participating in a banking consortium developing Korean won pegged stablecoins.
