Shinhan Asset Management, one of South Korea's largest financial institutions, announced Friday that it has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse, and Orca.
The agreement covers a proof-of-concept for the issuance and distribution of a Korean won-denominated tokenized fund, according to the press release.
Shinhan said it modeled the initiative after BlackRock's tokenized fund BUIDL.
The structure of the fund, currently under review, would involve overseas institutional investors purchasing a KRW ultra-short-term bond fund managed by Shinhan.
The holdings would then be issued in tokenized form.
