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Plume, Shinhan test KRW tokenized fund in offshore PoC
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Aug 14, 2026
Plume and Shinhan Asset Management signed a memorandum of understanding on Aug. 14 to test a KRW denominated tokenized fund backed by one of Shinhan’s won ultra short term bond funds.
The project is a proof of concept only. Shinhan said it will not involve actual issuance or distribution and will run through an isolated structure in a third jurisdiction that blocks Korean residents contractually and technically.
The companies plan to test the technical and compliance requirements needed to move the fund structure onchain. Those tests will include whitelist based transfer restrictions, know your customer checks, anti money laundering controls and onchain operating processes.
Shinhan said the goal is to assess whether won denominated investment products could eventually reach offshore markets through tokenized infrastructure. The MOU records the companies’ intent to cooperate and does not commit them to a commercial issuance.
Plume and Shinhan will benchmark BlackRock’s BUIDL model
Shinhan said the project will benchmark BlackRock’s BUIDL tokenized fund model while using its own KRW ultra short term bond fund as the underlying asset. The comparison concerns the operating structure and compliance design. BlackRock has not been announced as a participant in the Shinhan and Plume project.
The PoC will simulate the issuance and distribution process without creating a live investment product. No token contract, issuance amount, investor allocation or commercial launch date has been disclosed. Shinhan CEO Lee Seok won said the trial is “fundamentally not intended for actual issuance or distribution.” Korean residents will also be excluded from the structure.
In addition, the offshore structure comes before South Korea’s new token securities framework takes effect. The Financial Services Commission said amendments to the Electronic Registration Act and Financial Investment Services and Capital Markets Act passed the National Assembly on Jan. 15. The rules are scheduled to take effect on Feb. 4, 2027.
The amendments will allow blockchain based distributed ledgers to serve as legally recognized securities registries while keeping tokenized securities subject to existing securities rules. The FSC has also formed a public private consultative body to work on issuance, circulation, technology, payment and settlement standards before implementation.
As crypto.news previously reported, South Korea is already building infrastructure for its new tokenized securities regime, including a system being developed for the Korea Securities Depository. The timing makes the Plume and Shinhan trial preparation rather than a domestic fund launch.
Sources >> Plume, Shinhan test KRW tokenized fund in offshore PoC
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