"In the token market, the dollar already accounts for 95%…We need to build a won-based tokenized economic structure"

As the blockchain-based asset tokenization market grows rapidly, a call has emerged that South Korea must broaden the usability of the won to avoid losing leadership.

On the 12th, Lee Jong-seop, a professor at Seoul National University’s College of Business Administration, attended the '2026 Blockchain Meetup Conference' held at the Seoul Textile Center and said, "With the spread of blockchain-based financial infrastructure, the tokenization (RWA) market is expanding," adding, "If South Korea is to expand its influence in the tokenization market, it must build a 'tokenized economy' based on the won."

Lee explained that stablecoins are a core asset linking payments and liquidity provision in the era of tokenized assets. He said, "Even if assets are tokenized, if the payment system remains anchored in existing bank accounts or cash systems, it is difficult to leverage the advantages of blockchain, where asset transfers and payments can occur simultaneously," adding, "For a tokenized economy to function, it is desirable that the payment currency also move to a tokenized form."

In fact, stablecoins have established themselves as standard infrastructure in the global tokenization market. Among them, stablecoins backed by the U.S. dollar dominate the market. Lee said, "With more than $300 billion (about 400 trillion won) worth of dollar stablecoins already issued, they have gone beyond being a simple tool for virtual-asset trading and are serving as a blockchain-based 'digital dollar rail'," diagnosing that "in the current market, the influence of dollar-based stablecoins is around 95%."

This is the backdrop to concerns that, if this phenomenon persists, the dollar-centric structure is likely to be reinforced. Lee explained, "Global asset managers are also expanding tokenized products using public blockchains, and in the process, payment and liquidity-supply structures leveraging stablecoins are spreading."

Lee argues that South Korea should also move to tokenize 'money' by taking cues from the U.S., which is already on a successful trajectory. He said, "For South Korea to secure competitiveness in the tokenized financial market, it needs a won-based stablecoin," stressing that "Ultimately, the financial market is moving from a bank account-centered economy to a blockchain-based, asset-centered economy."

In this regard, Lee said policymakers need to set clear key performance indicators (KPIs) related to tokenization to accelerate adoption. He said, "We are past the stage of debating whether to adopt tokenization. We need to think about what order and standards to adopt it under," adding, "Policy KPIs should be designed around factors such as reliability, usability, and international connectivity, rather than outstanding issuance."