TLDR
- Shinhan and Plume will test a Korean won tokenized fund in an offshore pilot.
- The PoC will use Shinhan’s ultra-short-term won bond fund as the base asset.
- BlackRock’s BUIDL model will guide the tokenized fund issuance and distribution.
- The pilot will test KYC, AML, whitelists, and on-chain compliance requirements.
- Shinhan aims to assess global demand for won assets in blockchain-based markets.
Shinhan Asset Management has partnered with Plume Network to test a Korean won-denominated tokenized fund through an offshore pilot. The project will examine how Korean financial assets could operate within global blockchain-based money markets. Shinhan will use an ultra-short-term bond fund as the underlying asset during the proof-of-concept program.
Shinhan Tests Won-Denominated Fund Tokenization
Shinhan signed a memorandum of understanding with Plume to establish the framework for the planned tokenized fund demonstration. The project will test issuance, distribution, and operational processes without launching a commercial investment product. Both companies will conduct the pilot outside South Korea under an isolated technical structure.
The test will use Shinhan’s won-denominated ultra-short-term bond fund as the underlying financial asset. Meanwhile, Plume will examine technical requirements for introducing tokenization functions within overseas blockchain markets. The companies will use BlackRock’s BUIDL tokenized fund structure as a reference for the project.
Shinhan will also test whether institutional infrastructure can support Korean won assets in international on-chain markets. The assessment will cover transfer controls, operational procedures, identity verification, and transaction monitoring requirements. Furthermore, the project will examine potential regulatory challenges before any future tokenized product moves toward commercial distribution.
Plume Brings Tokenization Infrastructure to Pilot
Plume specializes in blockchain infrastructure designed for real-world asset tokenization and regulated financial products. The network focuses on connecting conventional financial assets with blockchain-based markets through compliance-focused systems. Therefore, its role will center on the technical structure required for the Shinhan pilot.
The companies will test whitelist-based transfer restrictions for controlling access to tokenized fund interests. They will also examine Know Your Customer procedures and Anti-Money Laundering controls within the blockchain framework. Additionally, the pilot will assess how operational processes could function directly through on-chain infrastructure.
Plume holds a Transfer Agent registration with the U.S. Securities and Exchange Commission. The company has also participated in industry discussions concerning standards for tokenized financial services. Its work places the network among companies developing infrastructure for regulated real-world assets across global markets.
Shinhan Targets Global Demand for Korean Won Assets
Stablecoins currently dominate blockchain-based money markets, with most liquidity concentrated around U.S. dollar-denominated assets. Korean won financial products still have limited representation across international decentralized financial infrastructure. Shinhan aims to test whether high-quality Korean assets can attract demand from overseas blockchain markets.
The demonstration also reflects South Korea’s growing preparations for regulated tokenized securities and digital financial products. Shinhan will keep the current project limited to proof-of-concept testing and infrastructure development. Domestic residents will remain excluded from acquiring assets connected with the pilot through contractual and technical restrictions.
Shinhan expects the project to strengthen its capabilities before wider tokenized financial products receive regulatory approval. Future issuance or distribution would require compliance with applicable domestic and international laws. Consequently, the partnership establishes an early framework for connecting Korean won assets with institutional-grade global blockchain infrastructure.
