Shinhan Asset, Plume to Test Won-Denominated Tokenized Fund
U.S. Treasuries
Shinhan Asset Management has entered a memorandum of understanding with Plume Network to conduct a proof-of-concept project for a won-denominated tokenized fund. The initiative aims to assess the feasibility of tokenizing ultra-short bond funds for offshore markets, effectively benchmarking the operational model established by BlackRock’s BUIDL fund. By leveraging Plume Network’s infrastructure, the partners intend to evaluate technical and regulatory requirements, including whitelist-based transfer restrictions and mandatory KYC/AML controls. This project specifically seeks to explore how won-based assets can be integrated into global on-chain settlement systems to attract overseas capital into South Korea. While the current scope is limited to testing and does not guarantee future issuance, the structure is designed to contractually and technically restrict purchases by South Korean residents. This development is significant as it signals a shift toward diversifying RWA tokenization beyond dollar-denominated assets. It highlights the growing institutional interest in creating compliant, cross-border frameworks for non-USD sovereign currencies within the digital asset ecosystem.
Key points
- ▸Shinhan Asset Management and Plume Network are testing a won-denominated tokenized bond fund.
- ▸The project benchmarks BlackRock’s BUIDL model to evaluate offshore market feasibility.
- ▸Plume Network holds a U.S. SEC-registered transfer agent license and participates in DTCC working groups.
- ▸The proof-of-concept aims to attract global capital while restricting domestic South Korean resident access.
Background
Shinhan Asset Management is a major South Korean investment firm managing diverse financial products. Plume Network is a specialized blockchain platform designed specifically for the tokenization and compliance of real-world assets, integrating regulatory tools like KYC and AML directly into its on-chain architecture.
Relevance
7.5/10