RWA blockchain Plume has signed an MOU with Shinhan Asset Management, one of Korea's leading managers with about 133.6 trillion won under management, to develop a KRW-denominated tokenized fund.

The proof of concept will put a fund backed by ultra-short-term Won bonds onchain, testing how won-denominated products can move onto blockchain rails. The pilot is set to run in an offshore jurisdiction outside South Korea, working around local restrictions while the two prove out the model.

It is another step in Korea's fast-moving push to tokenize won assets, and follows Plume's earlier work on a KRW1 stablecoin with BDACS as it builds out won-denominated onchain infrastructure.