The Solana Foundation has struck a major partnership with Wavebridge, a Korean blockchain infrastructure firm, pushing towards a KRW stablecoin. Summary Solana and Wavebridge signed an MOU to co-develop a KRW-pegged stablecoin. The project includes a tokenization engine, MMF initiatives, and education for Korean banks. The partnership strengthens Solana’s role in institutional finance across Asia. The Solana Foundation has entered a new strategic partnership with Korean blockchain infrastructure firm Wavebridge to develop a KRW-pegged stablecoin and institutional-grade tokenization products. The partnership is Solana’s (SOL) latest attempt to expand its practical financial applications in Asia, as reported by Maeli Business Newspaper on Oct. 14. New partnership targets institutional finance According to the agreement, Solana and Wavebridge will collaborate to develop a tokenization engine that will manage the issuance, verification, and compliance procedures for Korean won stablecoins. The system will include features like whitelist management and transaction control to ensure reliability for banks and financial institutions. You might also like: KakaoBank signals entry into stablecoin market as South Korea opens the door Additionally, as part of the partnership, Korean banks will receive on-chain training, money market fund tokenization will be promoted, and Solana’s presence in the nation’s blockchain ecosystem will be expanded. Wavebridge is an expert in providing institutions with digital asset infrastructure, which includes custody and prime brokerage services. The partnership aims to connect Korea’s regulatory framework, which is progressively moving toward stablecoin oversight, with Solana’s global blockchain capabilities. Momentum in KRW stablecoin sector With initiatives like Sui’s retail-focused collaboration with t’order, KRW1 on Avalanche, and KRWT by Frax entering pilot or live phases, South Korea’s drive for KRW-based stablecoins has accelerated in 2025. These initiatives aim to reduce reliance on USD-pegged assets and address the so-called “kimchi premium” that often skews local crypto prices. Keeping up with Solana’s wider stablecoin momentum, the Solana–Wavebridge initiative joins this wave, focusing on institutional-grade use cases. According to Bitwise CIO Matt Hougan, Solana is emerging as “Wall Street’s preferred network for stablecoins” thanks to its low fees and high throughput. Recent integrations by Worldpay and Bullish Exchange further emphasize Solana’s growing role in on-chain settlements. The KRW stablecoin could help Korea adopt regulated decentralized finance by connecting banks, fintechs, and public blockchain networks through a compliant framework. The project may also have an impact on guidelines that the Financial Services Commission is expected to release later this year. Read more: Visa explores stablecoins for faster cross-border settlement