Crypto Wallet Instead of Securities App? Institutions Are Moving First

Summary

Choi Yun-young from Hanwha Investment & Securities discusses the tokenized stock landscape, focusing on Dinari's USDC-based stock trading approval as a regulatory milestone, and reviews Circle's Q2 earnings and the implications of USDC circulation on revenue. The conversation also covers Circle's upcoming Ark institutional mainnet and the broader RWA tokenization trend.

• Dinari obtained regulatory clearance to allow USDC for tokenized stock trading after a year-long FINRA consultation, seen as laying groundwork for future tokenized securities.
• Circle's Q2 EPS beat but revenue concerns due to slowing USDC supply and flat interest rates caused the stock to remain flat.
• Circle's non-interest revenue such as CPN (B2B payments) is growing but still minor, while Ark token pre-sale contributed to guidance raise.
• Ark mainnet launch in mid-September with BlackRock and DTCC participation could be a catalyst if institutional usage materializes.
• The RWA tokenization market is still attracting capital, but tokenized stocks remain a small fraction compared to tokenized treasuries and MMFs.
• US regulatory clarity via the Clarity bill is delayed but expected to pass eventually, not seen as a major market headwind.
• Korean after-hours trading has improved with integrated ATS order books, potentially benefiting retail accessibility.