Etherfuse has signed a four-party MOU with Shinhan Asset Management, the Solana Foundation and Orca to run a full proof-of-concept on a KRW-denominated tokenized fund — issuance through distribution.
Why it matters: Every dollar of BlackRock's tokenized-fund proof is a dollar. The world's savings are not. Korean pensions sit in won, Mexican payroll in pesos, Brazilian treasury in reais. If tokenization only ever ships dollar instruments, it doesn't bank the world — it just gives the dollar a faster rail.
By the numbers:
- $2.8B BUIDL's AUM across six chains, from a March 2024 start.
- $16B the tokenized treasury market it anchors.
- $1.25B tokenized government debt from every issuer outside the U.S., combined.
- $16T BCG's projection for tokenized assets by 2030.
That third number is the opportunity.
The details: Shinhan Asset Management is the asset management arm of Shinhan Financial Group, with roughly KRW 133 trillion (~$100B) under management.
The four of us verify every step:
- KYC/AML that satisfies Korean and international rules
- Blockchain operating procedures
- Security audits
- Foreign Exchange Transactions Act compliance
- On-chain liquidity design
Who owns what: Shinhan AM brings the fund and the fiduciary record. The Solana Foundation brings settlement. Orca brings liquidity. Etherfuse brings regulated issuance and compliance.
A tokenized fund share nobody can trade is a PDF with extra steps. That's why a liquidity venue is in the room.
Between the lines — The National Assembly passed amendments to the Electronic Securities Act and the Capital Markets Act in January 2026. They take effect on 4 February 2027.
Every serious Korean asset manager knows tokenized funds are about to be legal. Few have the compliance mapping or the liquidity design ready to switch on when the framework does. Whoever proves the plumbing offshore now issues on day one.
We have been building to this:
- January 2026 — launched KTB Stablebonds, tokenized Korean Treasury Bonds, with Shinhan Securities as custodian.
- February — KRWQ began acquiring Korean government bonds tokenized through Etherfuse.
- March — KTB went tradeable and LP-eligible on Solana via Orca.
Six sovereign markets now: Mexico, Brazil, the UK, the EU, the U.S. and Korea. Five chains. Monthly third-party proof-of-reserves on all of it. This is the seventh build — and the first one we're doing with a top-tier asset manager rather than around one.
What's next. The output is a path — audited, regulator-legible — from a won-denominated fund to a liquid on-chain instrument.
The bottom line: BUIDL proved tokenized funds work. The next sixteen trillion dollars is a question of whose currency they're in. We think the answer is all of them.
Etherfuse issues Stablebonds — tokenized sovereign debt — across six currencies and five blockchain networks. See the live products.
This blog is for educational and informational purposes only, covering general market trends, industry developments, and asset features. Nothing herein is investment advice, a solicitation, or a recommendation to buy or sell any assets. Etherfuse and its guests may hold stakes in some or all of the assets discussed.
