[Column] Can Tokenization Solve Korea's Discount Issue

The US cryptocurrency market is quietly changing its structure. The core idea is simple. Attempting to block “interest” while retaining “profit ( yield )”. In the US, the ban on paying interest on stablecoins has become a hot topic. The industry is immediately seeking workaround solutions. New structures such as profit sharing, tokenized funds, and on-chain rewards are being tested. But the SEC looks at substance rather than names. According to the Howey test standards, if the expectation of profit and the efforts of others are key, then even changing interest to dividends cannot evade regulation.

In response to this trend, some interpret it as an opportunity for Korea. They believe that since a new profit channel replacing interest with dividends has already opened, American capital will flow into Korea’s tokenized securities market. People expect that tokenizing stocks and assets can attract global funds and eliminate the so-called “Korean discount.”

It is necessary to view this calmly.

Even if American capital is seeking new profit channels, there is no guarantee it will flow into Korea’s market. There are many options. US Treasury tokenization products, European assets, and structured products from Singapore are all competitors. For Korea’s tokenized securities to be chosen in this competition, they must answer a question first, before considering yields.

Overseas investors do not avoid Korea’s market because of a lack of channels. For companies like Samsung Electronics or SK Hynix, investment can already be made through various means. The issues lie in corporate governance, shareholder returns, and market trust. Tokenization cannot solve these problems. Instead, it may merely be a digital wrapper that highlights structural weaknesses of existing assets.

Tokenization is not the answer, but a tool. Capital follows trust, not technology. Opening new profit channels does not automatically mean capital will flow in. To connect channels, the other end must have trustworthy assets.

The ultimate question is: will Korea’s market become a “more investable market” or a “worthy investment market”? Tokenization can support the former. But attracting American capital is about the latter. And that answer still resides within those traditional issues.