Tokenized Securities on Fire, Is the Domestic Market Kicking Off? 2027 STO Roadmap Analysis

Summary

Lee Seong-san, CEO of Solana Korea, discusses Korea's 2027 STO roadmap and the Financial Services Commission's token securities guideline. He sees the roadmap as directionally positive but limited by a permissioned first phase and interoperability restrictions, with institutional funds/bonds and unlisted equity trust as starting points. Tokenized Korean government bonds are framed as foundational assets, stablecoin settlement is expected to develop alongside tokenization, and Solana is positioned as a major RWA and tokenized Treasury network. The market implication is a stage-gated crypto/STO infrastructure setup tied to future legislation and later opening.

• The FSC guideline formalizes token securities beyond fractional investment into stocks, bonds and funds.
• Phase 1 targets institutional funds and bonds plus unlisted shares via trust by February 2027.
• Korean government bonds and MMF are viewed as low-risk base assets for future hybrid DeFi structured products.
• Interoperability is prohibited initially, with overseas investor access expected only in later roadmaps.
• Offshore tokenization of Korean government bonds and MMF is now allowed, creating an offshore testing path.
• Stablecoins are expected to become the settlement layer for tokenized assets, with possible local sandbox pilots in Busan and Jeju.
• Solana is cited as holding a major share of tokenized Treasury and RWA volume.
• Passage of the Digital Asset Basic Act in the second half is seen as the key legislative trigger.