Global tokenized real-world assets have now crossed the $25–30 billion mark in on-chain value, growing at triple-digit rates year over year. Major asset managers, global banks, and market infrastructures have moved beyond pilots and into live issuance of tokenized bonds, funds, and deposits. Yet for all this momentum, the most important development is not happening in crypto-native markets. It is happening inside regulated capital markets, and Korea is emerging as one of the clearest examples.