Kakao Pay Securities announced on September 29, 2026 a strategic partnership with U.S. tokenization infrastructure company Dinari to explore expanding overseas access to Korean listed stocks through tokenized securities.
The companies signed a memorandum of understanding covering the procurement of underlying shares, a proof-of-concept for stock tokenization, and a joint task force focused on overseas retail investors.
Kakao Pay Securities signed a separate MOU the same day with Ondo Finance covering a parallel distribution framework, giving the brokerage two distinct tracks: Ondo’s global distribution network on one side, and Dinari’s dShares technology and proof-of-concept on the other.
Kakao Pay Securities EVP Inyoung Chung said the Dinari partnership aims to develop a concrete framework for international distribution of Korean equities, drawing on Dinari’s experience operating tokenized securities within the U.S. regulatory framework. Dinari CEO Gabe Otte said access to Korean public companies remains limited for many investors outside the country.
Dinari also highlighted the partnership through its official X account:
The project will begin with conventional Korean shares rather than immediately issuing tokenized stocks. Kakao Pay Securities plans to establish a system for procuring underlying securities through an omnibus account before Dinari and Kakao Pay Securities test whether those shares can be represented by tokens on a one-to-one basis.
What the Dinari Partnership Covers
The first stage focuses on establishing infrastructure to obtain and hold the underlying Korean securities. Kakao Pay Securities said it will build a system using an omnibus account, consolidating securities for overseas investors, before moving into the tokenization proof-of-concept, testing whether each underlying share can correspond to a token during issuance and redemption.
| Partnership Area | Planned Activity |
| Underlying shares | Establish procurement system |
| Tokenization | Joint proof-of-concept |
| Share-to-token relationship | Test one-to-one structure |
| Investor distribution | Explore overseas retail market |
| Operations | Establish joint task force |
Table 1. Main areas covered by the Kakao Pay Securities-Dinari agreement.
The companies haven’t identified which stocks will be included, nor announced a launch date. This extends Kakao Pay Securities’ broader overseas push, which began after the firm obtained an investment trading business license in July 2026 and separately signed an MOU with U.S.-based Siebert Financial in May to build a gateway allowing American investors to trade Korean stocks, comparable to buying and selling cryptocurrencies in South Korea.
Dinari’s 1:1 Tokenization Model
Dinari already operates a tokenized-equity infrastructure known as dShares, backing each token one-for-one with a corresponding underlying security held through regulated custody, with dividends, splits, corporate actions, and redemption supported, and transfer restrictions and compliance controls built in, comparable to how Ondo’s xStocks operates in the tokenized-equity space.
Dinari provides access to 724 tokenized U.S. stocks and ETFs across more than 85 jurisdictions, including the entire S&P 500, with eligible U.S. investors able to use USDC to purchase them.
In August 2026, Dinari began supporting stablecoin settlements and dividends for those stocks through a Circle partnership, though USDC settlement hasn’t been confirmed for the Korean proof-of-concept.
Why Korea’s Equity Market Gives This Real Scale
The potential market is substantial. Korea’s listed equity market spans the KOSPI and KOSDAQ, giving any future tokenization infrastructure a large pool of companies to connect with overseas investors.
Tokenized stocks broadly reached approximately $3.2 billion in distributed value as of late September, according to RWA.xyz, context for the scale this infrastructure could eventually reach. The partnership doesn’t propose tokenizing the Korean market as a whole, since the proof-of-concept will determine whether the structure works for selected securities, with commercialization dependent on regulatory considerations.
The Proof-of-Concept Will Also Test Shareholder Rights
The project goes beyond whether a stock can be represented by a token. Kakao Pay Securities said the companies will examine reconciliation between underlying shares and tokens, and how shareholder rights, including dividends and voting, could be reflected.
Dinari’s infrastructure mirrors dividends, splits, and corporate actions to token balances, with voting rights supported where applicable, and the Korean proof-of-concept will determine how those functions adapt to domestic securities.
Kakao Pay Isn’t Alone in This Push
South Korean securities firms are building similar infrastructure ahead of anticipated domestic rule changes. Earlier this month, KB Securities partnered with Securitize and Optimism on tokenized investment products, starting with plans for a money market fund for institutional investors, suggesting the country’s brokerages are moving in parallel.
The Task Force Arrives Before Any Commercial Product
Kakao Pay Securities and Dinari plan to establish a joint task force later in 2026 to implement the MOU and finalize the operating design. A successful technical test wouldn’t automatically result in a commercial product, since commercialization and timing will depend on proof-of-concept results, operational requirements, regulatory policy, and consumer-protection principles.
What this means for you: Kakao Pay Securities and Dinari are exploring whether Korean listed stocks can be represented as tokenized securities for overseas investors, alongside a parallel Ondo Finance partnership covering distribution infrastructure.
The project will begin with procuring underlying shares before testing one-to-one share-to-token relationships, reconciliation, dividends, and voting rights. No commercial tokenized Korean stock product has been announced.
This article is for informational purposes only and does not constitute financial or investment advice. The proposed tokenization project remains subject to technical testing, regulatory requirements, compliance considerations, operational requirements, and consumer-protection standards. The companies have not announced a commercialization date or specific Korean stocks for the proof-of-concept.
