Kakaopay and Dinari will test tokenized Korean stocks for possible U.S. distribution

# What happened Kakaopay Securities announced a partnership with Dinari to test whether Korean-listed shares can be tokenized and distributed to eligible investors outside South Korea, including through channels in the United States. The work begins with sourcing Korean-listed shares and creating a proof of concept for tokenized representation and redemption processes.

# Why it matters Tokenization here means issuing blockchain-based tokens that are backed one-to-one by a corresponding underlying security held through a custodial arrangement. That structure aims to preserve rights attached to shares, such as dividends and voting. If the model works and regulators approve cross-border distribution, it could expand direct access to Korean public companies for investors who currently rely on instruments like depositary receipts.

# What the partners will do

• Set up a joint task force in 2026 to study operational, technical and regulatory requirements for issuing, redeeming and distributing tokenized Korean equities. The task force will cover reconciliation between digital tokens and underlying securities, custody arrangements, shareholder rights, and the infrastructure needed for distribution through Dinari's partner network.
• Run a tokenization proof of concept that starts with obtaining Korean-listed shares and testing token creation and token redemption processes.
• Evaluate whether Dinari's existing dShares model can be applied to Korean securities. Dinari's dShares are backed one-to-one by underlying U.S. securities and are designed to carry associated shareholder rights.

# Current constraints and unknowns

• No Korean stock has been tokenized under this partnership yet. The announcement describes a proposed framework, not an approved offering of tokenized Korean stocks in the U.S.
• The partners did not disclose which Korean stocks will be included, a launch timetable, or target transaction volumes.
• Any international distribution would be subject to regulatory and operational requirements in each jurisdiction.

# Dinari's existing footprint that informs this work Dinari already provides 724 tokenized U.S. stocks and ETFs to eligible investors across multiple jurisdictions. The company opened tokenized S&P 500 stock trading to eligible U.S. investors in August 2026 and integrated its products into other platforms for eligible users. Dinari's U.S. regulatory setup includes Dinari Securities LLC, which was approved as an introducing broker-dealer registered with the SEC and became a FINRA member on June 20, 2025.

# How Korean regulation factors in

# Bottom line