The Era of Trading Even Government Bonds and Stocks as Tokens: Where Are the Market Changes Now?

Summary

Kim Jun-woo (CEO of Zangle) discusses the current state of Real World Asset (RWA) tokenization. He highlights that tokenized US Treasuries and stablecoins form the foundational infrastructure, driven by high interest rates and conservative capital inflows. The US is methodically building from safe assets upward, while Korea's approach lacks a won stablecoin base, causing structural misalignment. He suggests investment focus on tokenized Treasury platforms like Ondo and oracle providers like Chainlink, while expressing skepticism about the OUSD consortium's viability.

• RW tokenization is still tiny in absolute terms but is growing with a solid structural base led by US Treasuries and stablecoins.
• High interest rates make tokenized US Treasuries attractive, fueling the issuance side and shifting the market narrative from speculation to infrastructure.
• The US is following a logical build-up: dollar stablecoins first, then debt instruments, then complex products like tokenized equities.
• Korea lacks a won stablecoin and is trying to build complex products without the necessary foundation, risking large future switching costs.
• Major Wall Street firms like BlackRock and Franklin Templeton are actively shaping the tokenized securities market.
• OUSD faces skepticism due to governance complexities and insufficient economic incentives for large corporate participants.
• Investment opportunities lie in platforms that tokenize US Treasuries (Ondo) and oracle solutions that bridge off-chain data (Chainlink).
• Regulatory delay in Korea (2-4 years behind the US) will make it hard for won-based digital assets to compete against the entrenched USD ecosystem.