TL;DR
South Korea’s financial sector is accelerating its push into blockchain infrastructure. Shinhan has launched an offshore pilot for a Korean won tokenized fund on Solana, aiming to capture early demand in a market projected to reach $30 trillion by 2030. The initiative mirrors BlackRock’s BUIDL architecture, signaling that Shinhan intends to compete directly within the fast‑growing real‑world asset landscape.
The pilot replicates the structure of BlackRock’s institutional model, using ultra‑short‑term bonds as the underlying asset for offshore investors. To build the product, Shinhan signed a four‑party agreement with the Solana Foundation, Etherfuse and Orca. The group is testing the full operational cycle, including KYC, AML and foreign exchange compliance, to validate how won‑denominated assets can function in global markets.
Orca will provide on‑chain liquidity for conversions, ensuring the same institutional standards used by BlackRock’s ecosystem. Solana’s current position in the tokenization sector made it the preferred network. It ranks third globally with $3.86 billion in distributed RWA assets and leads in total project count with 2,678 launches. Stablecoin capitalization on the network exceeds $15.9 billion, reinforcing its role as a high‑volume settlement environment.
Shinhan is entering a landscape where BlackRock’s architecture has already demonstrated real‑world traction. The USD Institutional Digital Liquidity Fund holds $695 million on Solana, making it the network’s largest RWA product. Other major issuers, including Janus Henderson, Ondo and State Street, rely on the same blueprint for their tokenized offerings.
According to CEO Lee Seok‑won, Shinhan aims to become a leading issuer of won‑denominated digital products. All operations remain offshore and limited to technical validation because South Korea’s STO regulations will not take effect until February 2027. While the market awaits domestic clarity, Shinhan is building infrastructure ahead of time, aligning with BCG’s projection that RWAs will expand from $36 billion to $30 trillion by 2030. The strategy positions Solana as a strong candidate for future integration with Korean capital.
