The Solana Foundation has inked a memorandum of understanding (MOU) with Korean infrastructure firm Wavebridge to jointly develop a KRW-pegged stablecoin, tokenization engine, and money-market fund (MMF) tokenization products tailored for institutional users in South Korea.
Under the agreement, the two sides will collaborate in four key domains: the development and verification tooling for won stablecoins, MMF tokenization, educational outreach to major Korean commercial banks, and efforts to grow the domestic blockchain ecosystem.
The tokenization engine is being built with compliance in mind, incorporating whitelist management, transfer controls, and verification protocols to satisfy regulatory expectations.
Wavebridge, which offers blockchain infrastructure and financial services such as prime brokerage, is poised to handle the fiat on/off ramps and interface with institutions under the new stablecoin regime.
The MMF tokenization component follows global trends where traditional money market instruments are converted into tradable on-chain tokens to enable liquidity layering. Observers suggest the Korean model could replicate that success if regulators grant approval.
The MOU arrives as Solana positions itself to deepen institutional engagement in Asia. It also complements ongoing moves in South Korea’s stablecoin space: for instance, BDACS launched KRW1, a won-backed stablecoin on the Avalanche chain.
At the same time, regulatory headwinds persist. Korea’s currency is tightly controlled onshore, and the local won does not function freely internationally, complicating cross-border flows.
Industry participants note that the success of the Solana-Wavebridge partnership hinges on close regulatory alignment, custody and reserve arrangements, and operational trust. If it gains traction, the initiative could accelerate institutional crypto adoption in Korea, provide new utility for Solana’s network, and help bridge local finance with tokenized digital assets.
A KRW-pegged stablecoin is a digital token backed 1:1 by the South Korean won, designed to maintain price stability and enable blockchain-based transactions without volatility. Each token represents one won held in reserve, allowing faster and cheaper digital payments.
These stablecoins can be used in decentralized finance (DeFi), tokenized assets, and institutional settlements. However, strict Korean financial regulations mean such projects must ensure full compliance with reserve management and anti-money-laundering requirements.