A Korean won-denominated stablecoin (digital token designed to track the won) is needed to support growth in the tokenized securities, or STO, market, said Park Sung-jin, head of digital asset strategy at Korea Investment & Securities. Speaking at a policy seminar in Seoul on August 21, Park said tokenized securities can move across a blockchain in seconds while cash settlement through bank or brokerage accounts remains in the traditional financial system and may take a business day. He said stablecoins could eventually provide settlement for tokenized securities issued on public blockchains, with smart contracts (self-executing blockchain code) enabling broader use. Korea Investment & Securities is interested in issuing stablecoins but is focusing more closely on their practical applications. Park compared smart contracts with smartphone apps, saying a range of uses could help drive adoption even though no clear overseas killer application has yet emerged.