Won-Based RWA Global Expansion Gains Momentum — "Institutional Infrastructure, Not Technology, Is the Key"

South Korean financial institutions, led by Shinhan Financial Group and Plume Network, are preparing to launch 'K-BUIDL,' a won-denominated tokenized fund initiative modeled after BlackRock's BUIDL. The project aims to bring won-based real-world assets (RWA) into the global on-chain market, with a strategic focus on offshore issuance to bypass current domestic regulatory constraints. Shinhan Asset Management has selected Money Market Fund (MMF) assets as the initial product due to their stable net asset value and established audit systems. The initiative follows a three-phase roadmap, starting with cash-equivalent assets for settlement and collateral, followed by integration with decentralized distribution channels, and eventually expanding to equities and bonds. Industry experts emphasize that the success of this transition depends on building robust institutional infrastructure, such as KYC and AML compliance, rather than the underlying blockchain technology. By leveraging offshore markets, firms hope to verify demand and operational viability before aligning with South Korea's upcoming token securities framework, set for implementation in February 2025. This move represents a significant effort to transform South Korean financial products from domestic-only offerings into globally accessible, on-chain assets.