Kakaopay Securities announced on Tuesday two agreements with Dinari and Ondo Finance to explore the tokenization of stocks listed in Korea and their distribution to investors on international markets. The partnership with Dinari involves a pilot based on the dShares model, which already covers 724 tokenized US stocks and ETFs.

PoC with Dinari Will Preserve Shareholder Rights and Use Local Stocks

As part of the partnership with Dinari, the parties will conduct a proof of concept using the dShares model, which is designed to preserve applicable shareholder rights, including dividends and voting. The tokens will be backed by locally listed Korean stocks as underlying assets, rather than derivatives tracking prices. Specific issuers for the pilot have not yet been selected, and there is no public timeline for commercial launch.

With Ondo — Framework for Custody and Accounting Ahead of Tokenization

The agreement with Ondo is initially focused on establishing processes for sourcing and custody of Korean stocks, which may later be tokenized. Kakaopay plans to maintain an omnibus account for foreign investors to hold and administer the underlying securities. The companies will also explore issuance and redemption of tokens; any decision on commercialization will depend on legal and regulatory requirements in South Korea and international markets.

South Korea Prepares Tokenized Securities Rules for 2027

The agreements come as South Korea prepares a new regulatory framework for tokenized securities. In January, the National Assembly approved amendments recognizing distributed ledgers as valid securities registries and allowing the issuance and circulation of tokenized securities. In June, the Financial Services Commission linked the development of this infrastructure to broader capital market reforms. The framework is scheduled to take effect in February 2027, with Korea Securities Depository developing integration between its account system and blockchain data.

Tokenized Stock Market Reaches About $3.2 Billion by End of September

The volume of tokenized stocks reached approximately $3.2 billion by the end of September 2026, with the market remaining largely focused on tokenized versions of US stocks and exchange-traded funds.