Solana Foundation has entered into a major partnership with WaveBridge, a Korean blockchain infrastructure company, to drive the realization of the KRW stablecoin.
summary
- Solana and Wavebridge have signed a memorandum of understanding to jointly develop the KRW pegged stablecoin.
- The project includes a tokenization engine, MMF initiatives, and education for Korean banks.
- This partnership strengthens Solana’s role in institutional finance across Asia.
Solana Foundation has entered into a new strategic partnership with Korean blockchain infrastructure company WaveBridge to develop the KRW pegged stablecoin and institutional-grade tokenization product.
As reported by Maeri Business Newspaper on October 14, this partnership is Solana’s (SOL) latest attempt to expand its practical financial applications in Asia.
New partnership targeting institutional finance
According to the agreement, Solana and Wavebridge will collaborate on the development of a tokenization engine that will manage the issuance, validation, and compliance procedures for the Korean Won stablecoin. The system includes features such as whitelist management and transaction controls to ensure the trustworthiness of banks and financial institutions.
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Additionally, as part of the partnership, South Korean banks will receive on-chain training, facilitate the tokenization of money market funds, and expand Solana’s presence in the country’s blockchain ecosystem.
Wavebridge is a specialist in providing institutions with digital asset infrastructure, including custody and prime brokerage services. The partnership aims to bring together Solana’s global blockchain capabilities with South Korea’s regulatory framework, which is gradually moving towards stablecoin oversight.
KRW stablecoin sector momentum
South Korea’s KRW-based stablecoin efforts will accelerate in 2025, with initiatives such as Sui’s retail-focused partnership with t’order, Avalanche’s KRW1, and Frax’s KRWT entering pilot or live stages. These efforts aim to reduce dependence on assets pegged to the US dollar and address the so-called “kimchi premium” that often distorts local cryptocurrency prices.
In line with Solana’s broader stablecoin momentum, Solana and Wavebridge’s efforts also join the wave, focusing on institutional-level use cases. According to Bitwise CIO Matt Hougan, Solana has emerged as “Wall Street’s preferred stablecoin network” thanks to its low fees and high throughput.
The recent integration between Worldpay and Bullish Exchange further highlights Solana’s growing role in on-chain payments. The KRW stablecoin could help South Korea adopt regulated decentralized finance by connecting banks, fintechs, and public blockchain networks through a compliant framework.
The project could also influence guidelines expected to be released by the Financial Services Commission later this year.
read more: Visa considers stablecoins for faster cross-border payments
