The Solana Foundation has established a pivotal collaboration with Wavebridge, a blockchain infrastructure firm from Korea, with the goal of creating a KRW stablecoin.
Summary
- Solana and Wavebridge have entered into a memorandum of understanding (MOU) aimed at jointly developing a KRW-pegged stablecoin.
- The initiative will encompass a tokenization engine, money market fund projects, and educational support for Korean banks.
- This collaboration bolsters Solana’s footprint in institutional finance across Asia.
The Solana Foundation has initiated a strategic alliance with the Korean blockchain infrastructure company Wavebridge to construct a KRW-pegged stablecoin and institutional-grade tokenization solutions.
This partnership represents Solana’s (SOL) latest endeavor to expand its financial offerings in Asia, as highlighted by Maeli Business Newspaper on October 14.
New partnership emphasizes institutional finance
According to the agreement, Solana and Wavebridge will collaborate to create a tokenization engine that will manage the issuance, verification, and compliance protocols for Korean won stablecoins. This system will feature capabilities such as whitelist management and transaction oversight to provide reliability for banks and financial institutions.
Moreover, as part of this partnership, Korean banks will benefit from on-chain education, promotion of money market fund tokenization, and an enhanced presence for Solana within the nation’s blockchain landscape.
Wavebridge specializes in delivering digital asset infrastructure to institutions, including custody and prime brokerage services. This collaboration aims to align Korea’s evolving regulatory framework for stablecoin oversight with Solana’s expertise in the global blockchain arena.
Traction in the KRW stablecoin sector
As initiatives like Sui’s retail venture with t’order, KRW1 on Avalanche, and KRWT by Frax progress into either pilot or operational stages, South Korea’s drive for KRW-backed stablecoins has gained momentum in 2025. These efforts aim to reduce reliance on USD-pegged assets and address the “kimchi premium” that often skews local cryptocurrency valuations.
In line with Solana’s broader stablecoin strategy, the Solana–Wavebridge project aligns with this trend, showcasing institutional-grade applications. Bitwise CIO Matt Hougan has noted that Solana is becoming “Wall Street’s preferred network for stablecoins,” owing to its minimal fees and robust transaction capabilities.
Recent integrations by Worldpay and Bullish Exchange highlight Solana’s growing importance in on-chain settlements. The KRW stablecoin could facilitate Korea’s adoption of regulated decentralized finance by linking banks, fintech companies, and public blockchain networks within a compliant framework.
This project may also impact guidelines expected from the Financial Services Commission later this year.
