South Korea’s market for tokenized real-world assets and compliant stablecoins could reach 360 trillion won, or roughly $253 billion, by 2030 under a projection that applies the country’s 1.58% share of global nominal GDP to global market estimates. Tokenized assets would account for 315 trillion won of that total, while stablecoins would represent 45 trillion won.
The estimate points to a potential change in the structure of South Korea’s digital-asset market as financial groups prepare for a legal framework covering tokenized securities. Legislative amendments advanced through a key National Assembly stage in January 2026, with implementation expected in 2027. The rules would give securities firms a clearer basis to issue and distribute blockchain-based representations of regulated financial products.
The forecast is a top-down calculation rather than a measure of committed domestic demand. It uses Boston Consulting Group’s estimate that tokenized illiquid assets globally could reach about $16 trillion by 2030, then assigns South Korea a GDP-weighted share. For stablecoins, it assumes global supply grows from $230 billion to $2 trillion by 2030, based on an October 2026 Standard Chartered projection. At an exchange rate of roughly 1,422 won to the dollar, the combined Korean market would be worth about $253 billion.
Security-token rules move toward implementation
South Korea’s planned security-token regime has become the central regulatory catalyst for domestic banks and brokerages developing tokenization systems. Amendments to the Electronic Securities Act and the Capital Markets Act are designed to accommodate security token offerings, often called STOs, within the existing financial-market framework.
The expected 2027 rollout has encouraged securities companies to build systems before the rules are fully operational. Shinhan, KB, Hana and Mirae Asset have each developed technology sandboxes or completed internal testing covering token issuance, distribution and settlement. The aim is to create an end-to-end process that resembles conventional securities infrastructure while using blockchain-based records and programmable transfer tools.
That focus places tokenized bonds, real estate trust products and other regulated instruments ahead of the earlier wave of local tokenization experiments involving collectibles, art and livestock. Financial companies are increasingly targeting asset categories large enough to fit established custody, disclosure and distribution models, including government bonds, corporate debt, shipping assets and infrastructure-related products.
The move toward familiar financial instruments could make tokenization easier to integrate with the country’s existing brokerage and wealth-management channels. A tokenized government bond, for example, would still depend on the underlying government obligation; the blockchain layer would primarily change the way ownership records, transfers and settlement processes are managed.
Financial groups commit capital and build global links
Traditional financial groups have committed a combined 2.35 trillion won, approximately $1.7 billion, to tokenization infrastructure providers, compliant custody platforms and issuance platforms through strategic equity investments, according to the projection’s underlying market assessment. These investments have been aimed at securing positions in joint ventures and market infrastructure rather than simply offering cryptocurrency trading services.
Korean institutions are also pursuing partnerships with overseas blockchain and financial-technology companies as they prepare for cross-border distribution and interoperability. Shinhan has formed arrangements involving Solana, Visa and Etherfuse. KB has linked with Securitize, Canton Network and Mysten Labs, while Hana has worked with Fireblocks, Aptos and Crypto.com.
Mirae Asset has aligned with Polygon and Avalanche, alongside efforts by other domestic securities firms to explore international distribution channels for tokenized products. Such arrangements could help Korean issuers connect with networks used abroad, although regulated distribution would remain subject to the requirements of each jurisdiction.
The partnerships also show that local firms are not treating tokenization as a single-chain technology decision. Securities products may need to move between different blockchains, connect with regulated custodians and meet bank-grade compliance requirements. Interoperability — the ability for systems or networks to communicate — has therefore become a practical concern for firms building tokenized-product platforms.
A large retail base remains, but growth is slowing
South Korea retains one of the world’s most active retail cryptocurrency markets. The Korea Financial Intelligence Unit recorded 11.18 million verified-name trading accounts in the first half of 2026, equivalent to more than 20% of the population. The projection expects that number to rise to about 13.2 million by 2030 in an optimistic market scenario, implying a 3.3% compound annual growth rate.
That growth rate is relatively modest for a market that already has broad retail participation. It suggests that the next stage of domestic digital-asset activity may depend less on attracting first-time exchange users and more on creating regulated products that banks, brokerages and institutional clients can use.
The Korea Financial Intelligence Unit also reported that domestic exchange operating profits fell 78% during the first half of 2026, while total domestic digital-asset market capitalization declined 33% to 58.9 trillion won. Those figures reflect the volatility of a market where exchange revenue often depends heavily on trading volumes and speculative activity.
Chainalysis recorded $449.1 billion in cryptocurrency value received by South Korea between July 2025 and June 2026, underlining the country’s continued importance in regional trading flows. Yet high transaction activity does not automatically produce a stable revenue base for local platforms, particularly when market valuations and retail turnover decline together.
Bonds and payment tokens could become the early test cases
The 2030 projection assumes that tokenization will expand beyond pilot projects once the legal framework is in place. Government and corporate bonds appear positioned to become early candidates because their legal ownership structures, cash flows and issuer obligations are already well defined. Real estate trust products could follow, though their complexity may require more detailed rules around disclosure, valuation and secondary-market trading.
Compliant stablecoins represent the other major component of the estimate. A 45 trillion won domestic stablecoin market would depend on rules governing reserves, redemption rights, issuance standards and payment use. South Korea’s financial authorities have yet to establish the full operating framework assumed in the projection, making regulation a decisive variable rather than a procedural detail.
For now, the clearest evidence lies in the direction of institutional preparation: brokerages are testing issuance systems, financial groups are taking strategic stakes in infrastructure, and legislative changes are moving tokenized securities closer to formal recognition. Whether the projected 360 trillion won market emerges will depend on how quickly those systems can move from internal tests to regulated products with enough liquidity, credible custody and accessible distribution.
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