Kakaopay Securities explores tokenized Korean stocks with Dinari, Ondo

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Kakaopay explores tokenized stocks

Highlights

Kakaopay signed separate agreements with Dinari and Ondo Finance to explore bringing Korean-listed shares onchain and distributing them globally.
Gabe Otte of Dinari confirmed a proof of concept using actual Korean shares as underlyings without specifying companies or a timeline for commercial launch.
Tokenized stocks are projected to reach $3.2 billion distributed value by September 2026, and a Korean equity offering could expand the segment’s geographic diversity pending regulatory development.

Partnership structure and development plans

According to Cointelegraph, Kakaopay announced separate agreements on Tuesday with Dinari and Ondo Finance to examine how Korean-listed shares can be brought onchain and distributed in international markets.

Under the Dinari partnership, the companies are running a proof of concept based on Dinari’s dShares model, which is designed to preserve shareholder rights such as dividends and voting. Gabe Otte, chief executive of Dinari, told Cointelegraph that no specific Korean-listed companies have been chosen for the trial and that there is no public timeline yet for commercial availability. He said the proposed structure uses locally listed Korean shares as the underlying assets rather than tokens that only mirror share prices.

Kakaopay’s agreement with Ondo initially focuses on building a framework for sourcing and custodying Korean-listed shares that could later be tokenized. Under that model, Kakaopay would operate a foreign investor omnibus account to hold and administer the underlying shares, while the two companies also research token issuance and redemption.

Regulatory backdrop and market implications

The work comes as South Korea prepares to introduce a new regulatory framework for tokenized securities. The National Assembly approved amendments in January recognizing distributed ledgers as valid securities registries and allowing the issuance and circulation of token securities, with the framework scheduled to take effect in February 2027.

In June, the Financial Services Commission tied token securities infrastructure to a broader capital markets overhaul, while the Korea Securities Depository is developing links between its existing securities account system and blockchain-based data. Any decision on whether and when tokenized Korean equities reach the market still depends on legal and regulatory requirements in South Korea and overseas jurisdictions.

Tokenized stocks are expanding rapidly in 2026, reaching about $3.2 billion in distributed value by late September, according to RWA.xyz. The segment remains concentrated in tokenized U.S. equities and exchange-traded funds, suggesting that a Korean equity offering could widen the market’s geographic scope if the required infrastructure and regulation are put in place.

Our earlier report on NGX Group and the Nairobi Securities Exchange deepening cross-border ties outlined how the two exchanges are working to strengthen market connectivity between Nigeria and Kenya. We noted that supporters see the cooperation as a way to widen regional investment access, improve capital flows and liquidity, and advance broader African market integration.

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