Solana, Wavebridge Partner on Korean Won Stablecoin Launch

• Solana and Wavebridge partner to launch Korea’s first compliance-ready won-pegged stablecoin.
• The collaboration targets institutional adoption through regulated tokenization of KRW and MMF assets.
• South Korea’s new stablecoin framework accelerates blockchain integration across traditional financial institutions.

Solana Foundation has collaborated with a blockchain infrastructure firm based in South Korea, Wavebridge, to develop a Korean won-pegged stablecoin to serve regulated financial markets. The partnership is expected to build a digital asset infrastructure that is ready to comply and can be used by institutions. The project would support the future stablecoin law in South Korea as well as the rising need of reliable on-chain financial services. Both organizations’ officials claimed that the move will facilitate the use of tokenized financial products in the regulated ecosystem of the country.

Building a Regulatory-Ready KRW Stablecoin

In accordance with a Memorandum of Understanding signed on 14 October 2025, Solana and Wavebridge intend to create a tokenization engine to oversee issuance, verification, and compliance processes of a KRW-pegged stable token. As part of the arrangement, Wave Bruce will spearhead the regulatory design and investor onboarding, and Solana will offer the blockchain infrastructure and global ecosystem support.

The CEO of Wavebridge, Jongwook Oh, indicated that the collaboration aims at establishing a system in which the stablecoin will be issued, verified, and controlled by institutional users. He continued by stating that constructing on Solana would help in coming up with infrastructure that the regulated financial institutions can depend on. Another goal of the project is to help Korean banks test on-chain settlement, remittances, and tokenized deposits.

According to Lily Liu, President of the Solana Foundation, the collaboration includes the regulatory expertise of Wavebridge with the global ecosystem of Solana to create the real-world applications of stablecoins and tokenization of money market funds.

Expanding Tokenization and Institutional Adoption

In addition to KRW stablecoin, the partnership will seek to tokenize money market funds (MMFs) and other real world assets. The project reflects the trends in the global context, including pilot projects of BlackRock based on on-chain MMFs. Wavebridge is an approved Virtual Asset Service Provider (VASP) in Korea that will be in charge of the compliance and investor coordination, and the Solana ecosystem developers will be in charge of the asset servicing technology and issuance technology.

The alliance also intends to assist the Korean commercial banks to incorporate blockchain solutions to regulated financial transactions. Wavebridge will furthermore supply controlled infrastructure to the larger ecosystem of Solana around payments, consumer applications, and GameFi undertakings.

The financial regulator in South Korea is planning on launching a system of won-backed stablecoins in the coming month. The news comes after BDACS released KRW1, a won-backed stablecoin on Avalanche with reserves 1:1 at Woori Bank.

The initiative by Solana and Wavebridge makes South Korea a possible leader in compliant financial innovation based on blockchain as stablecoins begin to gain momentum around the world.