Shinhan Asset Management signed an MOU with Plume Network on Aug. 14 for a proof-of-concept partnership on a won-denominated tokenized fund. The project aims to supply won-denominated high-quality assets to an on-chain capital market focused on U.S. dollars, generating offshore demand for won-based assets. Global on-chain capital markets have surpassed 300 billion dollars in stablecoin issuance, while won-denominated assets are still in early development. To assess the overseas usability of won-denominated financial products, the partnership will utilize Shinhan Asset Management’s won ultra-short bond-related fund as the underlying asset. They plan to benchmark BlackRock’s BUIDL, the largest asset manager’s flagship tokenized fund, to conduct a proof of concept for issuing and distributing a tokenized fund in an offshore market in a third country.
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