The Financial Times recently observed that tokenized stocks may succeed precisely because investors hardly notice the transition. In an opinion piece titled “Tokenised stocks are coming, and ideally nobody will notice,” the newspaper argued that real-time, blockchain-based settlement could transform trading infrastructure without dramatically changing the user experience.
Industry leaders are echoing this view. BlackRock CEO Larry Fink has repeatedly emphasized tokenization as a key evolution in capital markets, arguing that expanding access to investments through tokenization could modernize financial ownership structures.
Meanwhile, Robinhood CEO Vladimir Tenev has argued that token-based ownership could soon demonstrate advantages over traditional stock ownership, highlighting faster settlement and broader access.
The core issue is not marketing hype but efficiency — speed, cost reduction and simplified market infrastructure.
Today’s stock trading is digital, yet it still relies on multiple intermediaries and layered record-keeping systems, resulting in delayed settlement. Blockchain-based tokenized assets, by contrast, could theoretically enable near-instant settlement and 24-hour trading.
What matters most is that major exchanges are already moving.
Nasdaq received approval from the U.S. Securities and Exchange Commission (SEC) in March to allow certain securities to trade in tokenized form. Initially, the program will cover companies within the Russell 1000 index and major ETFs, with settlement conducted through the Depository Trust Company, integrating blockchain into existing infrastructure.
The New York Stock Exchange is taking a different approach. NYSE recently partnered with digital asset firm Securitize to develop a blockchain-based platform for tokenized securities. The proposed system aims to enable round-the-clock trading, instant settlement and even the use of stablecoins for transactions.
London is not standing still either. The London Stock Exchange Group announced plans to develop an on-chain settlement service called the Digital Securities Depository, designed to support tokenized bonds, equities and private market assets. The first deliverables are expected in 2026, pending regulatory approval.
This signals that tokenization is no longer an experiment within the crypto industry. Traditional exchanges and financial institutions are now competing to shape the next generation of capital market infrastructure.
However, the future is not without risks.
One of the biggest challenges is ensuring investor protection. Tokenized securities can blur the boundaries of ownership, custody and settlement finality. If investor rights are not clearly defined, trust in markets could erode quickly — as seen in past financial crises.
Critics also note that some tokenized securities currently available in global markets resemble price-tracking instruments rather than actual shares, lacking full shareholder rights such as dividends or voting power. The real challenge, therefore, is not whether tokenization happens, but whether it can be implemented without weakening investor protections.
Where does Korea stand?
Despite active discussions around digital assets, Korea has been slower to address how tokenization could reshape capital market infrastructure. Tokenized securities should not be viewed merely as another financial product. They represent a fundamental redesign of issuance, custody, settlement, disclosure and investor protection.
The direction emerging from the United States is clear.
First, regulated exchanges must take the lead.
Second, regulators must allow controlled experimentation.
Third, the goal must be market efficiency — not speculative hype.
Korea’s task is equally clear. The Korea Exchange, Korea Securities Depository, brokerages, banks, asset managers and fintech firms should jointly develop a roadmap for tokenized securities infrastructure.
This does not mean immediately tokenizing listed equities. A phased approach — beginning with private securities, private debt, fund shares and alternative assets — would allow regulators to build safeguards gradually.
Financial history often changes quietly. When markets transitioned from paper to digital records, investors did not immediately grasp the magnitude of change. Tokenization may follow the same path.
But by the time the shift becomes visible, the infrastructure leadership may already be decided.
The digital tokenization of U.S. securities markets is not merely an American experiment. It is a competition to define the future standard of global capital markets.
If the era of tokenized securities truly arrives, Korea should not be a spectator — but a designer.
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