Quick Breakdown
- Solana and Wavebridge are jointly developing a KRW-backed stablecoin and institutional tokenization engine.
- The initiative will train Korean banks and expand Solana’s on-chain financial presence in Asia.
- It aligns with Korea’s growing stablecoin ecosystem and upcoming FSC regulatory updates.
Solana expands into Korean financial market
The Solana Foundation has entered a strategic partnership with Wavebridge, a Korean blockchain infrastructure firm, to develop a Korean won (KRW)-pegged stablecoin and a suite of institutional-grade tokenization products.
Solana Foundation Partners With Wavebridge to Develop Korean Won (KRW) Stablecoin https://t.co/n6wpoxTAYG via @SolanaDailyN #Solana #Stablecoin #Crypto #DeFi #Blockchain #CryptoNews pic.twitter.com/MjoSqKdfo1
— Solana Daily News (@SolanaDailyN) October 14, 2025
According to a the press release on October 14, the collaboration marks Solana’s latest push to strengthen its footprint in Asia’s rapidly evolving digital finance landscape.
Developing a regulated KRW stablecoin framework
Under the agreement, both organizations will build a tokenization engine designed to handle issuance, verification, and compliance for KRW-backed stablecoins. The platform will include whitelist management and transaction control features, making it suitable for banks and regulated institutions.
Beyond stablecoin development, Solana and Wavebridge also plan to train Korean banks in on-chain operations, tokenize money market funds, and expand Solana’s role in Korea’s blockchain ecosystem.
Wavebridge, known for its digital asset infrastructure and prime brokerage solutions, will help align the initiative with Korea’s regulatory landscape—particularly as the Financial Services Commission (FSC) prepares to introduce new stablecoin guidelines later this year.
KRW stablecoin momentum accelerates
South Korea’s stablecoin sector has gained momentum in 2025, with projects such as Sui’s retail partnership with t’order, KRW1 on Avalanche, and KRWT by Frax moving into pilot or live phases. These initiatives aim to reduce dependence on USD-pegged stablecoins and address the recurring “kimchi premium”—a pricing gap in local crypto markets.
Additionally, South Korea launched its first-ever Korean won-backed stablecoin, KRWIN, in a limited test phase. The stablecoin was developed by fanC, in partnership with financial software firm Initech, and is pegged 1:1 to the Korean won.
According to Jongwook Oh, CEO of Wavebridge. “This collaboration is about designing structures where a KRW stablecoin is not only issued but also verified, controlled, and fit for institutional use,” With recent integrations by Worldpay and Bullish Exchange, the Solana–Wavebridge collaboration could strengthen the network’s position in institutional finance and support Korea’s transition to regulated decentralized finance (DeFi).
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