Solana Foundation has announced a strategic partnership with Korean blockchain infrastructure company Wavebridge to build a compliance-ready, Korean won–pegged (KRW) stablecoin.
The collaboration, formalised through a memorandum of understanding (MoU) signed on Tuesday, aims to bring regulated, institutional-grade stablecoin solutions to South Korea’s evolving digital asset market.
Building the foundation for regulated stablecoins
At the heart of the partnership is a shared goal — to design a tokenisation framework where a KRW-pegged stablecoin is not only issued but also verified, controlled, and fully compliant with financial regulations.
According to Wavebridge CEO Jongwook Oh, the project seeks to create a trusted infrastructure that even regulated financial institutions can depend on.
By leveraging Solana’s high-performance blockchain, the partnership intends to combine scalability with strict compliance standards, ensuring that the stablecoin can operate smoothly within the boundaries of South Korean law.
The collaboration will develop a tokenisation engine to oversee the issuance, verification, and compliance procedures for Korean won-backed stablecoins.
This engine will form the backbone of the stablecoin ecosystem, enabling seamless integration between blockchain technology and traditional finance.
The goal is not only to launch a stablecoin but to establish a foundation for future tokenised financial products such as money market funds and tokenised deposits.
Wavebridge to take the regulatory lead
Under the agreement, Wavebridge will lead efforts in regulatory coordination, compliance, and qualified investor onboarding.
The company, already known for its strong regulatory expertise in Korea, will ensure that the stablecoin structure aligns with local laws and financial guidelines.
Meanwhile, Solana will provide the underlying blockchain infrastructure — known for its low fees, high throughput, and scalability — to facilitate secure on-chain settlements and remittances.
Lily Liu, President of the Solana Foundation, said the partnership reflects Solana’s commitment to bridging traditional finance and blockchain innovation.
She emphasised that combining Wavebridge’s regulatory capabilities with Solana’s global ecosystem will enable new real-world use cases for compliant stablecoins and tokenised financial instruments across Asia.
The timing aligns with South Korea’s policy shift
The partnership comes at a pivotal moment for South Korea.
The country’s financial regulator is preparing to introduce a regulatory framework for won-backed stablecoins later this month.
This policy shift is expected to open the door for banks, fintech firms, and blockchain platforms to issue and use stablecoins under clear compliance guidelines.
The collaboration between Solana and Wavebridge also follows recent developments in Korea’s stablecoin space.
In September, local digital asset custodian BDACS launched the first KRW-backed stablecoin, KRW1, on the Avalanche blockchain.
Each KRW1 token is backed 1:1 by won held in escrow at Woori Bank.
Solana’s DeFi momentum adds fuel
This partnership announcement also arrives at a time when Solana is experiencing unprecedented momentum in decentralised finance (DeFi).
Over the past 24 hours, the Solana network surpassed Ethereum in daily decentralised exchange (DEX) trading volume — recording $5.84 billion compared to Ethereum’s $5.75 billion, according to data from DefiLlama.
Stablecoin inflows on Solana have also hit a record $17.5 billion, driving liquidity across platforms like Jupiter, Raydium, and Phoenix.
Market analysts say this surge in liquidity and on-chain activity could mark the start of Solana’s institutional DeFi era.
If the price of Solana (SOL) holds above $200, it could strengthen the network’s position as the go-to blockchain for high-performance, institutional-grade DeFi.
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