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Tokenized Securities and Stablecoins: When considering the "digital circuit redesign" of capital markets, 1. Today's financial markets are not simply at the stage of digitalization. 2. Now, a fundamental restructuring characterized by 'disintermediation' and 'capital efficiency redesign' is beginning. 3. At the center of this are two main axes. 4. One is stablecoins, and the other is tokenized securities. 5. If stablecoins have innovated the immediacy of payments and settlements through 'tokenization of currency', tokenized securities are an attempt to digitally transform the very circuit of capital movement through 'tokenization of assets'. 6. While these two may seem to be on different trajectories, they ultimately exist on the same flow that reintegrates the essential infrastructure of finance—credit, payments, and capital markets. 7. Tokenization refers to the process of issuing and circulating existing traditional assets—such as stocks, bonds, and real estate—in the form of digital tokens on a blockchain-based distributed ledger. 8. In other words, it is about converting the ownership and rights structure inherent in stocks or bonds into a programmable form. 9. This change is not merely a technical experiment but an attempt to address the inefficiencies of the capital market infrastructure itself. 10. Existing central depository and clearing systems have constrained the overall capital turnover of the market due to payment delays (T+2, T+3), fees, and intermediary costs. 11. In contrast, blockchain-based tokenized securities enable 24/7 real-time payments (atomic settlement) and transparent ownership tracking, processing the three stages of payment, settlement, and recording within a single technological layer. 12. Ultimately, tokenization is not about 'digital replication of securities' but about 'rewriting the logical structure of transactions'. 13. Europe is already experimenting with tokenization platforms focused on institutional investors centered around bonds. 14. Countries like Germany, France, and Switzerland are applying tokenization primarily in the form of new issuances, opting for "parallel operation" rather than completely replacing the existing market structure. 15. On the other hand, the regulatory amendment submitted by Nasdaq to the SEC on September 8, 2025, is qualitatively different. 16. This signals a true systemic transition in that it allows "blockchain trading of existing listed securities". 17. In other words, Nasdaq views tokenization not as a new product but as "a new operational protocol for the existing capital market". 18. Additionally, countries like Singapore and Hong Kong are positive about the introduction of tokenized securities but have chosen the path of 'controlled innovation' in terms of investor protection, legal certainty, and technological verification. 19. This shows that the core of tokenization lies not in technology but in the redesign of trust. Connection with Stablecoins — "Innovation in Payments Leads to Innovation in Capital" 20. Stablecoins are the 'payment partner' and 'fuel for transactions' of tokenized securities. 21. To trade securities on a blockchain, payments must occur on the same layer. 22. At this point, stablecoins replace the role of payment currency, making disintermediated asset trading a reality. 23. USDC, PYUSD, JPM Coin in the U.S., EURC in Europe, and HKD stablecoin in Hong Kong are gradually incorporating this role into the institutional framework. 24. In particular, the U.S. is simultaneously promoting "tokenized government bonds (T-Token)" and a "stablecoin payment network", solidifying the digital hegemony of the dollar. 25. This combination is not just a simple innovation. 26. As the payment infrastructure shifts to stablecoins, a closed-loop market where all paths of asset issuance, trading, and payment are on the blockchain becomes possible. 27. In other words, tokenized securities create real demand for stablecoins, and stablecoins provide the payment infrastructure for tokenized assets. 28. Together, they form a circular structure that reinforces each other's reason for existence. 29. However, it will be difficult for this change to become mainstream in the short term. 30. Despite the potential of tokenized securities, fundamental issues such as ownership, legal validity, and investor protection remain in the actual market. 31. Most of the 'Tokenized Stocks' traded privately are not actual stock holdings but rather price-linked derivative structures. 32. In other words, they are merely a digital imitation of the "shadow of price", and do not constitute a real transaction where legal ownership is transferred. 33. While improvements in trading efficiency are certain, securing liquidity and the coherence of the regulatory framework are still lacking. 34. The "disintermediated complete market" promised by blockchain is difficult to realize unless the legal infrastructure—securities law, accounting standards, investor protection systems—evolves alongside it. 35. Ultimately, technology provides speed, but institutions guarantee trust. 36. The point at which these two elements align will be the true turning point for tokenized securities. 37. If past finance was a network based on documents and credit, future finance will be a network based on code and algorithms. 38. In this process, stablecoins will serve as the 'API of currency', while tokenized securities will serve as the 'API of capital'. 39. In other words, a complete digital capital market will be formed where currency and assets operate interactively on the blockchain. 40. In the short term, institutional bottlenecks will persist, but in the long term, this structure is likely to establish a new "capital circulation system" that integrates all stages of payment, settlement, issuance, investment, and accounting. 41. Ultimately, stablecoins and tokenized securities are digitally restructuring the two axes of finance—payments and assets—converging in the same direction. 42. Stablecoins reconstruct trust in payments through the "physical manifestation of digital dollars", while tokenized securities redefine the efficiency of assets through the "digitalization of capital". 43. The point where these two flows meet is the 'blockchain-based global capital market'. 44. The easing of regulations on tokenized securities in the U.S., the bond experiments centered on institutions in Europe, and pilot projects in Asia are all at the forefront of this massive transition. 45. The remaining question is not about technology but about speed. Who will be the first to build a reliable system and seize the "global standard of digital capital"? The competition for leadership has already begun. That is all. P.S. Writing about Bitcoin and real estate always brings diverse opinions together. This shows that everyone has different perspectives and deep thoughts. I, too, am learning a lot through that process. So, I plan to publish a book on the topic of "Bitcoin and Stablecoins" based on my reflections by early next year. Many people ask the question. "Is Bitcoin really worth buying?" It is difficult to definitively answer that question with just one conclusion. However, from the essential perspective of currency, humanity, and time, my conclusion is this — Bitcoin is a sufficiently valuable asset and simultaneously a historical experiment of human civilization. The starting point of Bitcoin was a consciousness of the problem of "trust". After the 2008 financial crisis, Bitcoin emerged amidst skepticism about an era where central banks printed money without limit, implementing a currency that "no one can arbitrarily increase the issuance and no one can censor transactions". This is the first time in human history. Bitcoin did not merely end as an experiment for programmers. In just over a decade, it has grown to a market capitalization of hundreds of trillions of won, and hundreds of millions of people around the world now hold Bitcoin. This is evidence that the philosophical foundation of Bitcoin is recognized as 'value' by many people. Ultimately, value is a social consensus. Just as the stone money of Yap, seashells, gold, and paper money became currency because people trusted them, Bitcoin is also currently stepping into that stage of trust. Bitcoin is not just an asset whose price is rising. It is more fundamentally an experiment to reverse the 'collapse of time' in modern society. Amid unlimited currency supply, inflation, and rampant short-term speculation, people are trapped in the psychology that 'money in the future will be less useful than now'. Bitcoin is an attempt to reverse this trend. With a total issuance of 21 million, a predictable generation rate — the essence of Bitcoin is a structure where no one can arbitrarily "undermine the value of time". That is why many refer to Bitcoin as "money that stores time". There is a saying that "investment is an act of believing in the future". To believe in that future, trust in the currency we use is essential. Bitcoin combines technology and distributed trust, throwing a new monetary philosophy into the world: "Trust the system itself, not a central authority". Of course, this process has been accompanied by bubbles, speculation, and resistance from the institutional framework. However, the core message presented by Bitcoin — "A world where no one can arbitrarily manipulate the currency" — This idea has already stimulated the imagination of countless people and changed part of the financial paradigm. Now, even major financial institutions do not ignore Bitcoin. This itself proves the significance of its existence. Of course, Bitcoin is not a perfect answer. Real-world limitations such as volatility, scalability, regulatory issues, and mining centralization still exist. And whether Bitcoin will develop into a 'payment method' or remain as 'digital gold' is still uncertain. But what is clear is — Bitcoin is not just an investment product, but it has raised fundamental questions about what currency is, how time is stored, and whether a society that believes in the future is possible. Ultimately, the value of Bitcoin is not measured in how much it is worth in dollars. Its value depends on how many people trust it. And looking at the flow so far, that network of trust continues to expand. In an era of inflation and uncertainty, Bitcoin is an experiment that has taken a step closer to being "a currency we can trust for the future". Even if it does not completely replace traditional currency, the questions raised by Bitcoin have already begun to change the monetary order of the world. Bitcoin is not just an asset — it is a civilizational attempt by humanity to regain 'time and trust'. That potential, that imagination, that hope is precisely why Bitcoin remains valuable.