Shinhan Financial targets global RWA market with won-based tokenized MMF

Shinhan Financial Group is launching a tokenized money market fund (MMF) called K-BUIDL, which will be backed by short-term South Korean won-denominated government and monetary stabilization bonds. The firm plans to issue this product offshore first to validate its business model and build a global distribution network before domestic South Korean STO regulations fully mature. By partnering with the RWA platform Plume, Shinhan intends to list the tokenized MMF on blockchains including Ethereum and Solana to facilitate its use as collateral and settlement assets. This strategy mirrors BlackRock’s BUIDL fund, aiming to provide institutional investors with a stable, on-chain yield-bearing instrument. The initiative serves as a strategic pivot for Shinhan to expand its revenue beyond the domestic market, where over 90 percent of its brokerage income is currently generated. By targeting offshore markets like Hong Kong, Shinhan hopes to bypass the current uncertainty surrounding the phased implementation of South Korea's domestic tokenized securities framework. This move highlights a growing trend among traditional financial institutions to utilize blockchain technology to create globally accessible, liquid, and programmable financial products.