RWA 인프라: 이더리움 위의 발행, 유통, 데이터
Ethereum Korea One: Genesis · Day 1 · 2026-09-28 · 17:33
How are tokenized real-world assets (RWAs) issued, distributed, and priced? In the RWA infrastructure panel at Ethereum Korea One: Genesis, Securitize, Ondo Finance, and RedStone answer from hands-on operating experience.
연사
- 0xGabe, DeFi Growth Lead, Securitize
- Armand Khatri, Head of Ecosystem, Ondo Finance
- Marcin Kaźmierczak, BD Director, Co-Founder, RedStone
- Chloe Han, APAC BD, Flow Traders (모더레이터)
세션 소개
Ahead of Korea's security token offering (STO) framework taking effect in February 2027, Chloe Han of Flow Traders guides the discussion through three practical layers: regulatory infrastructure (Securitize), product design (Ondo Finance), and risk data (RedStone). Topics include who has the authority to correct records when the token is the security, how to deliver 24-hour subscriptions and redemptions, and what is needed beyond NAV to use tokenized funds as collateral.
핵심 요약
- 0xGabe (Securitize) explained that Securitize follows a "native tokenization" approach in which the onchain token itself is the security, and issuers retain the same control as in traditional finance. For BUIDL, BlackRock acts as issuer and manager of US short-term Treasuries, while Securitize, as transfer agent and tokenization platform, can burn an investor's existing holding and reissue it to a new wallet if the private key is lost.
- Securitize said its onchain assets under management are close to $5 billion, and that it recently announced a new fund with ARK Invest.
- Armand Khatri (Ondo Finance) said Ondo adopted an RFQ (request for quote) model instead of an AMM so that products priced offchain can be subscribed to onchain at the same price. It is paired with compliance tooling that automatically freezes tokens that move to sanctioned wallets and similar. Noting that "AI cannot KYC to use your product," Khatri stressed the need for products that agents can buy and sell at real trading prices.
- Marcin Kaźmierczak (RedStone) said that with $38 billion of tokenized RWAs onchain versus roughly $117 trillion held by DTCC, "it's just a drop." Kaźmierczak cited inaccurate pricing and a lack of onchain liquidity as the causes. The TSSO (Trusted Single Source Oracle), co-designed with Securitize, verifies data signed by the fund administrator onchain.
- RedStone said that through Credora it assigns risk ratings from A to D to RWAs such as private credit and MMFs ("the yield itself doesn't tell you the whole story"), and that through Settle it is building a structure in which, when a liquidation threshold is reached, liquidity providers such as market makers and banks take over the assets immediately via an RFQ auction.
- For the one decision a Korean financial institution preparing a tokenized MMF for February 2027 should make within 90 days, 0xGabe named "where does the demand come from," Armand Khatri named the reason for going onchain (the north star), such as distribution, access to new investors, and agentic finance, and Marcin Kaźmierczak named instant swaps between tokenized products to improve capital efficiency with no gap in yield.
챕터
- Opening: Korea's STO framework and session format
- Panelist introductions
- Securitize: native tokenization and authority to correct records
- Ondo Finance: 24-hour subscription and redemption and the RFQ model
- RedStone: the TSSO oracle and risk data
- The bottleneck in RWA collateral markets: onchain liquidity
- One decision to make within 90 days
- Closing