Shinhan Asset, Plume to Test Won-Denominated Tokenized Fund

Shinhan Asset Management is teaming up with Plume Network, a global real-world asset platform, to test a won-denominated tokenized fund.

Shinhan Asset said Aug. 14 that it signed a memorandum of understanding with Plume for a proof-of-concept project. The two companies plan to use one of Shinhan Asset’s won-denominated ultra-short bond funds as the underlying asset and assess the feasibility of tokenization in offshore markets.

The project will benchmark BlackRock’s BUIDL tokenized fund model and apply it to won-based assets. The companies will jointly examine regulatory compliance requirements and technical feasibility across the full issuance and distribution process, including whitelist-based transfer restrictions, an on-chain operating structure, know-your-customer checks and anti-money laundering controls.

Plume is a blockchain network specializing in real-world assets and holds a transfer agent license registered with the U.S. Securities and Exchange Commission. It recently joined the Depository Trust & Clearing Corp.'s digital asset solutions industry working group, where it is taking part in discussions on tokenization standards alongside Nasdaq, BlackRock, Goldman Sachs and JPMorgan.

Lee Seok-won, chief executive officer of Shinhan Asset Management, said dollar-based assets have led on-chain settlement and liquidity infrastructure so far. The next step, he added, is to build a foundation to draw overseas capital into South Korea through won-based stablecoins and tokenized securities. That requires advance verification of both the regulatory compliance framework and the technology’s operational feasibility.

Lee said the project is limited to the proof-of-concept stage and does not presuppose issuance or distribution. Shinhan Asset will design a structure that contractually and technically blocks purchases by South Korean residents while remaining in close communication with regulators.

Chris Yin, chief executive officer of Plume Network, said the RWA tokenization market has grown around dollar-denominated assets, but demand for integration across global markets is also increasing. Through the partnership with Shinhan Asset, Plume will test whether won-denominated assets can be used globally within a compliant framework.