South Korea’s Shinhan Asset Management tests a won-denominated tokenized bond fund, benchmarking against BlackRock’s BUIDL to expand onchain markets.
Shinhan Asset Management has partnered with blockchain network Plume to pilot a tokenized fund using a Korean won-denominated ultra-short-term bond fund as its underlying asset. The project aims to test issuance, distribution, and compliance processes, including KYC and AML controls, for tokenized investment products.
The pilot will benchmark against BlackRock’s BUIDL tokenized fund to evaluate the overseas use of won-denominated assets in onchain markets, which have primarily focused on dollar-based products. Shinhan also plans to assess transfer restrictions and onchain operations during the trial.
Shinhan Financial Group affiliates have previously explored blockchain applications, including stablecoin remittances and payments, signaling broader adoption of digital asset infrastructure in South Korea.