Solana Foundation announced today it has partnered with Korean blockchain firm Wavebridge to develop a Korean won (KRW)-pegged stablecoin. The collaboration aims to create a compliance-ready, institutional-grade digital asset, according to the official MoU signed Tuesday.
The project will include a tokenization engine to manage issuance, verification, and regulatory compliance for KRW-backed stablecoins. Wavebridge will handle regulatory coordination and onboarding of qualified investors, while Solana provides blockchain infrastructure for secure, scalable on-chain settlements and remittances. Jongwook Oh, CEO of Wavebridge, emphasized that the stablecoin is designed for institutional adoption and regulated financial markets.
South Korea is preparing a regulatory framework for won-backed stablecoins, with legislation expected this month. The initiative joins recent KRW stablecoin launches, including BDACS’ KRW1 on Avalanche. Analysts see this collaboration as a step toward broader adoption of tokenized deposits and compliant stablecoins in Asia.
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