Plume, the layer-1 blockchain focused on real-world asset tokenization, has signed a memorandum of understanding with Shinhan Asset Management to test a Korean won-denominated tokenized fund, using one of Shinhan's won ultra-short-term bond funds as the underlying asset. Shinhan Asset Management is part of Shinhan Financial Group, one of South Korea's largest banking conglomerates, with roughly KRW 133.6 trillion under management.
The proof of concept will run entirely offshore, meaning it will not issue or distribute tokens and explicitly excludes Korean residents, keeping the pilot outside the scope of South Korea's domestic securities framework for now.
Why a Won-Denominated Fund Is Different
Nearly all tokenized fund products that have launched globally to date have been denominated in U.S. dollars, reflecting the dollar's dominant role in crypto markets generally. A won-denominated structure would instead let Korean institutional — and eventually potentially retail — investors gain exposure to tokenized fixed income without taking on currency risk against the dollar, a distinction that matters for investors whose liabilities and reporting are themselves denominated in won.
Plume CEO Chris Yin described the partnership as a first step toward connecting compliant won-denominated assets with global investors, positioning the pilot as groundwork for a broader push into Asian tokenized fixed income rather than a one-off product launch.
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A Cautious, Staged Rollout
Rather than moving straight to a live product, Plume and Shinhan have structured the next steps as technical tests covering whitelisting, know-your-customer and anti-money-laundering controls, and offshore operating procedures — infrastructure work that would need to be proven out before either party decides whether to pursue a regulated issuance. Any future domestic launch in South Korea would also need to comply with the country's securities framework once it takes effect in February 2027, adding a fixed regulatory milestone the partnership will need to work around.
The deal adds South Korea to the growing list of jurisdictions where traditional asset managers are testing tokenization through partnerships with crypto-native infrastructure providers, a trend that has accelerated globally in 2026 even as most pilots — like this one — remain deliberately confined to offshore, non-retail structures while regulatory clarity catches up.
