The Financial Services Commission of Korea is advancing a framework for tokenizing stocks and bonds, making the path connecting traditional securities and on-chain capital gradually clearer. Against the backdrop of high-level, volatile swings in US equities and global risk assets, demand from traditional capital markets for cross-market liquidity spillover and more efficient on-chain settlement is heating up. As stocks, bonds, and funds increasingly enter on-chain systems, the boundary between US dollar liquidity and sovereign assets begins to blur.
This round of competition is clearly divided into two tiers. At the settlement-network layer, local securities firms such as Hanwha and Samsung each back the $AVAX and $ETH ecosystems, vying for the right to the underlying ledgers of future publicly issued assets. At the application layer, $ONDO works with Kakao Pay Securities to enter the market, focusing on custody, issuance, and cross-market distribution pipelines aimed at global investors.
Tokenized assets address the on-chain asset targets, while stablecoins handle on-chain pricing and settlement. Together, this suggests that crypto networks are gradually taking on the trading and clearing functions of traditional finance. However, the pace at which the rules are implemented and how well they adapt to cross-jurisdiction regulation remain key points to watch to determine whether sustainable liquidity scale can be formed.
This round of competition is clearly divided into two tiers. At the settlement-network layer, local securities firms such as Hanwha and Samsung each back the $AVAX and $ETH ecosystems, vying for the right to the underlying ledgers of future publicly issued assets. At the application layer, $ONDO works with Kakao Pay Securities to enter the market, focusing on custody, issuance, and cross-market distribution pipelines aimed at global investors.
Tokenized assets address the on-chain asset targets, while stablecoins handle on-chain pricing and settlement. Together, this suggests that crypto networks are gradually taking on the trading and clearing functions of traditional finance. However, the pace at which the rules are implemented and how well they adapt to cross-jurisdiction regulation remain key points to watch to determine whether sustainable liquidity scale can be formed.