Shinhan Asset Management and Plume Launch Won-Denominated Tokenized Fund Pilot

South Korean asset manager Shinhan Asset Management and blockchain network Plume have signed a memorandum of understanding to develop a proof of concept for a tokenized fund denominated in Korean won. The pilot project, announced on August 14, 2026, will test the issuance and distribution process for a fund backed by Shinhan's won-denominated ultrashort-term bond fund, using BlackRock's BUIDL tokenized fund as a benchmark.

The collaboration aims to explore the technical and compliance requirements for bringing won-denominated financial products to offshore onchain markets, which have been largely dominated by dollar-based assets. According to the companies, the proof of concept will simulate the full process in a third-country offshore jurisdiction, explicitly excluding Korean residents both contractually and technically. Shinhan emphasized that the project is not intended for actual issuance or distribution of tokens and does not commit the firms to a commercial launch.

Key aspects of the pilot will include testing whitelist-based transfer restrictions, know-your-customer checks, anti-money laundering controls, and onchain operating processes. The project is designed to assess...