Why have tokenized U.S. Treasuries become the dominant onchain real-world asset, while government bonds denominated in other currencies remain a fraction of the market? This article traces the demand behind that gap—from stablecoin reserves and collateral to portfolio diversification—and explores what it will take to build a viable non-dollar market, with Korea as a compelling place to test the model.
Sep 16, 2026
Market data in this piece is drawn from public onchain trackers as of July 2026 except where a later read date is stated, with official statistics from the institutions named in the text as of their latest releases. The author writes from inside this market, leading the digital assets effort at a Korean securities firm active in it, so the case for domestic incumbents should be read as market structure analysis to be checked against the falsifiers in the closing section, not as a disinterested prediction. This piece is not investment advice or an offer of any product, and the views expressed are the author's own and do not represent the official position or a recommendation of the author's employer.
