Meritz Securities: Korean bond tokenization needs utility, not yield
- —On-chain RWA excluding stablecoins stands at about $38.5 billion as of September
- —Tokenized US Treasury funds hold about $15 billion, with no growth since June
- —Tokens wrapping SK Hynix ADRs shrank from over $70 million in July to about $18 million by late September
- —Korea's first phase of tokenized securities starts February 4, covering MMFs, private bonds and non-listed shares
Why it matters: Without clear utility or collateral recognition, won-denominated bond tokenization risks staying niche while dollar-based products already dominate the market.
Source: Blockmedia