If it can operate smoothly within a regulated environment, government bonds, bills, and fund shares could all replicate this process.

Ripple and Korea's major insurance company Kyobo Life Insurance announced a strategic partnership on April 14, planning to test tokenized government bond trading in a regulated environment through the Ripple Custody platform. Ripple characterized this as "Korea's first blockchain-based tokenized government bond settlement."
Core of the partnership: shorten settlement cycles and reduce counterparty risk.
Traditional government bond transactions usually require two business days (T+2) to settle.
The main testing goal of this collaboration is to evaluate whether a blockchain-based processing mechanism can reduce settlement time to nearly instant, bringing two specific benefits:
First, reduce counterparty risk (a shorter settlement window means less exposure time);
Second, accelerate the flow of institutional funds.
This partnership is essentially a test of traditional financial infrastructure, not the launch of digital assets as a standalone product line.
Fiona Murray, Managing Director of Ripple Asia-Pacific, said: "Korea's institutional financial market is at a turning point. Kyobo Life Insurance is one of Korea's most respected financial institutions and is the first large insurance company to take this step with us."