Tiger Research Sees South Korea’s RWA, Stablecoin Markets Reaching 360 Trillion Won by 2030

South Korea’s markets for tokenized real-world assets, or RWAs, and stablecoins could reach about 360 trillion won by 2030, according to a new forecast. The report argues the country’s crypto market needs to move beyond a trading fee-driven model and shift toward tokenized real and financial assets, as well as payment and settlement infrastructure.

In a recent report titled “Outlook for South Korea’s Tokenized Asset (RWA) and Stablecoin Market,” Tiger Research estimated on October 19 that the domestic tokenized asset market could grow to about 315 trillion won by 2030, while the stablecoin market could reach about 45 trillion won.

The forecast was based on Boston Consulting Group’s projections for the global tokenized asset market and Standard Chartered’s stablecoin estimates, with South Korea’s share of global gross domestic product and the won-dollar exchange rate applied to derive the figures.

BCG projected that the global market for tokenized real-world assets would expand from $2.3 trillion in 2027 to $14 trillion by 2030. Standard Chartered projected global stablecoin supply, currently about $309 billion, would reach $2 trillion by 2030.

Applied to South Korea, Tiger Research projected alternative investments would account for the largest share of tokenized assets in 2030 at 77.1 trillion won. It estimated 67 trillion won for asset-backed securities, 53.6 trillion won for corporate bonds, 53.6 trillion won for commodities and listed stocks, 33.5 trillion won for short-term financial products and 30.2 trillion won for government bonds.

The report said South Korea’s crypto market is hitting the limits of its existing trading-centered structure. The number of domestic accounts eligible to trade crypto reached 11.18 million in the first half of this year, topping 20% of the population, but growth from the previous half was just 0.4%. Average daily trading value fell to 3.1 trillion won in the first half from 7.3 trillion won in the second half of 2024.

Tiger Research said the market needs new growth engines by moving beyond a simple trading fee model and focusing on tokenized assets linked to real-world assets and stablecoins as payment and settlement infrastructure.

South Korea’s financial industry is also expanding related infrastructure. According to the report, securities firms are building platforms for the issuance and distribution of token securities, while banks, card companies and insurers are conducting payment and settlement pilots using won-denominated stablecoins and tokenized deposits.

Shinhan Bank has formed partnerships with Solana, Visa and Etherfuse, while KB Financial Group is working with Securitize, Canton and BNY Mellon. Hana Bank has partnered with BitGo, and Kyobo Securities has built ties with Ripple, Circle and SBI, the report said.

Tiger Research added that infrastructure investment and global cooperation by South Korean financial institutions could expand further with the launch of token securities-related rules in 2027. It also said the 360 trillion won figure is a potential market estimate based on applying global market growth rates to the size of the Korean economy, and actual growth could vary depending on the timing of regulatory implementation and the scope of what is allowed.