https://www.youngju.dev/blog 천천히 올바르게. AI Researcher & DevOps Engineer Youngju's tech blog. GPU/CUDA, LLM, MLOps, Kubernetes AI workloads, distributed training, and data engineering. ko fjvbn2003@gmail.com (Youngju Kim) fjvbn2003@gmail.com (Youngju Kim) Mon, 25 May 2026 00:00:00 GMT https://www.youngju.dev/blog/culture/2026-05-25-defi-rwa-tokenization-ondo-blackrock-buidl-franklin-templeton-jp-morgan-kinexys-securitize-2026-deep-dive.en https://www.youngju.dev/blog/culture/2026-05-25-defi-rwa-tokenization-ondo-blackrock-buidl-franklin-templeton-jp-morgan-kinexys-securitize-2026-deep-dive.en Capital markets in 2026 are no longer a world of paper securities and T+2 settlement. BlackRock BUIDL has crossed `$2B+` AUM, pulling tokenized treasuries into the mainstream. Ondo Finance USDY has passed `$5B` and become the de facto RWA template. Franklin Templeton OnChain manages `$700M+` of BENJI on Stellar. JP Morgan Onyx rebranded as Kinexys and now processes `$2B` in daily settlement volume. Securitize, Polymath, tZERO, and Backed Finance offer ERC-3643 issuance infrastructure; Maple, Centrifuge, and Goldfinch run on-chain private credit. In Korea, the Kakao KASOM, SK Securities-SKT, and Mirae Asset STO consortia wait for the Capital Markets Act amendments to take full effect. Japan, via its amended Financial Instruments and Exchange Act, has defined STs as a regulated category; SBI Digital Asset Holdings, Nomura Komainu, and Progmat (MUFG) are laying the rails. BCG projects the tokenized asset market will reach `$16T` by 2030. This essay maps tokenized treasuries, on-chain securitization, real estate, private credit, fund shares, compliance protocols, atomic settlement, and the STO legal frameworks of each major jurisdiction. Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) defirwa-tokenizationondo-financeblackrock-buidlfranklin-templeton-onchainjp-morgan-kinexyssecuritizepolymathmaple-financecentrifugeerc-3643tokenized-treasurieskorea-stojapan-st-lawsbi-digital-assetprogmat https://www.youngju.dev/blog/culture/2026-05-25-defi-rwa-tokenization-ondo-blackrock-buidl-franklin-templeton-jp-morgan-kinexys-securitize-2026-deep-dive.ja https://www.youngju.dev/blog/culture/2026-05-25-defi-rwa-tokenization-ondo-blackrock-buidl-franklin-templeton-jp-morgan-kinexys-securitize-2026-deep-dive.ja 2026年の資本市場はもはや紙の証券とT+2決済の世界ではない。BlackRock BUIDLはAUM `$2B+` を突破してトークン化国債市場を牽引し、Ondo Finance USDYは `$5B` を超えてRWAカテゴリの標準となった。Franklin Templeton OnChainはStellar上のBENJIで `$700M+` を運用し、JP Morgan OnyxはKinexysにブランド変更して日次決済 `$2B` を処理する。Securitize・Polymath・tZERO・Backed FinanceはERC-3643対応の発行インフラを、Maple Finance・Centrifuge・Goldfinchはオンチェーン私募信用を運営する。韓国ではKakao KASOM、SK証券・SKTトークン証券コンソーシアム、未来アセット証券STOインフラが資本市場法改正の本格施行を待ち、日本は改正金融商品取引法でSTを定義しSBI Digital Asset Holdings・Nomura Komainu・Progmat(MUFG)がインフラを敷く。BCGは2030年のトークン化市場が `$16T` 規模になると予測する。本稿はトークン化国債・オンチェーン証券化・不動産・私募信用・ファンド・コンプライアンスプロトコル・アトミック決済・各国のSTO法制度を一気に整理する。 Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) defirwa-tokenizationondo-financeblackrock-buidlfranklin-templeton-onchainjp-morgan-kinexyssecuritizepolymathmaple-financecentrifugeerc-3643tokenized-treasurieskorea-stojapan-st-lawsbi-digital-assetprogmat https://www.youngju.dev/blog/culture/2026-05-25-defi-rwa-tokenization-ondo-blackrock-buidl-franklin-templeton-jp-morgan-kinexys-securitize-2026-deep-dive https://www.youngju.dev/blog/culture/2026-05-25-defi-rwa-tokenization-ondo-blackrock-buidl-franklin-templeton-jp-morgan-kinexys-securitize-2026-deep-dive 2026년의 자본시장은 더 이상 종이 증권과 T+2 결제의 세계가 아니다. BlackRock BUIDL이 `$2B+` AUM을 돌파하며 토큰화 국채 시장을 견인했고, Ondo Finance USDY는 `$5B`를 넘기며 RWA 카테고리의 표준이 됐다. Franklin Templeton OnChain은 BENJI 펀드로 Stellar 위에서 `$700M+`를 관리하고, JP Morgan Onyx는 Kinexys로 브랜드를 바꿔 일일 결제 `$2B`를 처리한다. Securitize·Polymath·tZERO·Backed Finance는 ERC-3643 호환 발행 인프라를, Maple Finance·Centrifuge·Goldfinch는 온체인 사모대출을 운영한다. 한국에서는 카카오 KASOM, SK증권·SKT 토큰증권 컨소시엄, 미래에셋증권 STO 인프라가 자본시장법 개정안 통과를 기다리고, 일본은 改正금융상품거래법으로 ST를 정의하고 SBI Digital Asset Holdings·Nomura Komainu·Progmat(MUFJ)가 인프라를 깐다. BCG는 2030년 토큰화 시장이 `$16T` 규모가 될 것이라 전망한다. 이 글은 토큰화 국채·온체인 증권화·부동산·사모대출·펀드·컴플라이언스 프로토콜·아토믹 결제·각국 STO 법제도를 한 호흡으로 정리한다. Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) defirwa-tokenizationondo-financeblackrock-buidlfranklin-templeton-onchainjp-morgan-kinexyssecuritizepolymathmaple-financecentrifugeerc-3643tokenized-treasurieskorea-stojapan-st-lawsbi-digital-assetprogmat