[Edaily Marketin LEE GEON-EOM Reporter Song Seung-hyun] It has been pointed out that for tokenized assets to be used in actual financial transactions, infrastructure must be established that encompasses not only issuance but also trading, settlement, and regulatory compliance. With the launch of the security token offering (STO) market scheduled for next February, there are growing calls for South Korea to first establish a system for won-pegged stablecoins that can serve as a means of payment.

Global experts attending the “Edaily Global STO Summit 2026,” held on the 1st at the Korea Exchange Conference Hall in Yeouido, Seoul, agreed that simply placing assets on the blockchain is not enough to create a market.

Aaron Kwak Rivera, CEO, estimated the size of the on-chain real-world asset (RWA) market at approximately $38 billion (about 51 trillion won). “Just because an asset is on the blockchain doesn’t mean it constitutes a market,” he said, adding, “People must be able to buy and sell it.” He explained that while legal rights and issuance technology have matured, distribution and liquidity remain challenges.

Some also pointed out that demand must come before issuance. Park Hye-jin, a professor in the AI and Digital Assets Executive Program at Sogang University, noted that domestic discussions on tokenized securities are overly focused on issuance and the technology itself. In response, Gabriel Gareth Fu, Head of Growth for Securitize DeFi, remarked, “Putting assets on the blockchain isn’t difficult in itself,” adding, “The more important question is whether there is actual demand on-chain.”

“Connectivity” was cited as the solution. Niki Ariyasinge, Vice President of Asia-Pacific and the Middle East at Chainlink, identified data, interoperability, the integration of on- and off-chain transactions, and regulatory compliance as the four key challenges to attracting institutional capital. Chainlink has implemented Delivery-versus-Payment (DvP) transactions linking private and public blockchains with JPMorgan, and has connected tokenized funds to existing payment networks in partnership with UBS and SWIFT. He explained, “A phased transition is possible through a hybrid approach that utilizes blockchain transactions while maintaining existing financial networks.”

Some also argued that it would be difficult for institutions to enter the market if the structure were open to everyone. Ashish Villa, CEO of EverNOS, cited Know Your Customer (KYC) procedures and authorized access as prerequisites for banks and asset management firms to enter the tokenization business. He stated, “Just because a stock is tokenized doesn’t mean you can send it to just anyone,” adding, “If liquidity and the market don’t support it, blockchain actually becomes more expensive than existing infrastructure.”

Financial assets without a physical form—such as government bonds, stocks, and money market funds (MMFs)—were identified as the first targets for widespread tokenization. Fu predicted, “Physical assets, such as real estate or collectibles, still require intermediaries like custodians,” adding, “Moving the entire stock market onto the blockchain is the clearest next step.” The value of on-chain tokenized government bonds has already reached $16.2 billion (approximately 22 trillion won).

A won-denominated stablecoin was identified as a key challenge for South Korea. CEO Villa pointed out, “Currently, it is very difficult for companies to tokenize assets and use them as collateral for loans,” adding, “Without a local stablecoin, it is impossible to create a liquid financial market.” He explained that just as the U.S. liquidity market grew alongside dollar-pegged stablecoins, there is a need for a won-denominated stablecoin issued and guaranteed by banks and financial institutions.

Advice was also offered that regulatory reforms and market preparations must proceed in tandem. General Manager Pu argued that guidelines are needed regarding which ledger will be officially recognized and who will have the authority to suspend trading and correct errors. CEO Villa emphasized that since it typically takes financial institutions one and a half to two years to launch a product, pilot projects should begin now. He said, “To be able to act immediately once regulations are passed, we must master the technology and invest in the relevant teams now.”

CEO Kwak remarked, “As regulatory authorities are in the process of catching up with the pace of technology, the industry must continue to present new use cases,” adding, “That is how capital markets are built.”