Tiger Research is an independent research institution covering digital asset markets across Asia. Founded in 2022, we’ve built a presence across Korea, Japan, China, and Indonesia, publishing institutional-grade research in 5 languages for 100,000+ monthly readers and 200+ institutional clients. We cover: • Market insights & narratives • Project deep-dives • Korea & Asia GTM strategy • Institutional crypto adoption • Stablecoins, Bitcoin, AI x Crypto, and more 👇Follow us to understand where Asia’s crypto market is heading tiger-research.link/subscrib…

Private Lunch Seminar with @monad. Today, we hosted the @monad private lunch seminar at Fairmont Ambassador Seoul. The topic: Next Generation High Performance Infrastructure for Institutional Assets. @keoneHD, Co-Founder of the Monad Foundation, laid out the premise directly. Public blockchains can serve as the actual infrastructure layer for institutional finance. Not a parallel system. The actual infrastructure. The numbers support the thesis. Nine months after mainnet launch, Monad carries $945M in DeFi TVL and $1.21B in active RWA assets, ranking third globally in RWA volume, with 130+ protocols including @aave, @Uniswap, @Morpho, and @pendle_fi live on the network. Keone walked through what makes this possible: parallel execution, EVM compatibility, and what it actually takes to build a chain that institutions can build on. @ryanyoon_eth, Head of Research at Tiger Research, presented the research perspective. The tokenized securities market is not a future scenario. It is being built now. His session covered where Korean and global tokenization frameworks stand, what infrastructure institutions need before they can participate at scale, and what the next phase of RWA adoption looks like from an analytical standpoint. Korean financial institutions in that room are not watching from a distance. They are building internal positions, and asking harder questions than most markets at a comparable stage. Thank you to everyone who joined us. And to Keone and the Monad team for making the trip to Seoul. Tiger Research will keep building the access points that connect Asian institutional capital with the infrastructure shaping global digital asset markets.

Tokenization is not just a technical upgrade. It is a structural shift in how capital flows. Today at BLOCKFESTA2026, Researcher, @ekko_924 joined the Fireside Chat on From Opportunity to Capital: The New Economy Built by Tokenization. Thank you to fellow panelists Leo Wong (@AccessProtocol) and Alan Monteiro (Parfin/Rayls), and to @with_blockmedia for organizing BLOCKFESTA.

The signal matters more than the noise. Today at KBW2026, Head of Research, @ryanyoon_eth moderated the Stable Stage panel: What the Market Data Is Really Saying. Thank you to our panelists @ThomasUhm (Qube Research & Technologies), CJ Fong (@GSR_io), and Vishal Gupta (@truemarketsco). And to @FactBlock for organizing KBW.

Speed is the defining challenge for the next phase of onchain finance. Today at KBW2026, @TIGER_NODE moderated the 0G Stage panel: Onchain Finance's Speed Problem. Thank you to our panelists Annabelle Huang (@AltiusLabs), Austin Federa (@doublezero), and Halil Mirakhmed (@topdotco). And thank you to @FactBlock for bringing KBW together.

Everyone already agrees the RWA market will grow. The open question is who does what inside it. That was @ekko_924's argument on Panel 2 at Seoul Digital Money Summit 2026 Q4, hosted by @soohoio at Hashed Lounge this morning. Tokenized Stocks: Rewiring the Capital Markets Stack took on what happens to Korean securities firms as equities and bonds move onchain, and how much of that answer depends on tracking actual fund flows rather than assuming them. Thank you to Kunaal Patel of @Ondo, Byungha Kang of Meritz Securities, and Keith Yeo of @alliumlabs for the conversation, to Jun Kim of @hashed_official for moderating, and to @soohoio for hosting the morning.

The hard part of tokenization is no longer issuing the token. It is everything that has to work afterward. That was the thread running through The Capital Forum in Seoul today, which we ran with @CantonFdn, @IBM, and @Noves_fi for Korea's financial institutions and blockchain companies. @0xthomaschou of @CantonFdn opened the forum, and @ryanyoon_eth laid out where institutional tokenized securities actually stand. A panel with @nodeinfra CEO Youngseok Yang and Shinhan Asset Management put the real constraints on the table: global scalability, ramp control, and profitability, not the technology. Hyunjun Park of @IBM presented Digital Asset Haven, and Ben Roy of @noves_fi closed on why a single transfer leaves behind several underlying records, and why that quietly decides whether an institution can reconcile, report, and audit at all. Thank you @CantonFdn, @IBM, and @noves_fi for building this with us, and thank you to everyone who joined us.

Korean stocks, funds, and notes on the left. Tokenization, distribution, and global investors on the right. One SPV in the middle connecting it all. This is how Korean assets go on-chain without touching Korean regulation.

🐅 KBW VIP Dinner with @avax Tonight we hosted a private dinner together with @avax at the Grand Inter Continental Seoul Parnas, bringing Korea's financial institutions and blockchain companies into one room on the opening night of KBW week. Two keynotes set up the evening. @justinkim415, VP of International BD at @AvaLabs, on tokenizing all the world's assets on Avalanche. @ryanyoon_eth, Head of Research at Tiger Research, on where the digital asset industry is heading, with a close look at how fast the ground has moved under Korea's tokenized securities market. After that, dinner. Korea's financial institutions and its blockchain builders spent the rest of the night at the same tables. Thank you @avax for hosting this with us, and thank you to everyone who joined us tonight.

Korea Blockchain Week kicks off with @0xEastPoint Seoul 2026. Tiger Research is here as Official Research Partner and if you picked up the conference publication, you'll find us inside. Our CEO, @TIGER_NODE moderated the session on Institutional Trading Stack: Liquidity, Execution, and Prime Brokerage. Thank you to the panelists: 🔸Samar Sen (@talostrading) 🔸Benjamin Stani (@FalconXGlobal) 🔸Jean-David Péquignot (@DeribitOfficial) 🔸CJ Hetherington (@trylimitless & @lmtls_research) More from KBW this week.

⛳️TIGER CUP 2026: Solana Policy Institute Invitational Korea's major financial institutions and securities firms spent the day at Asiana CC with the people building this market's infrastructure, starting with a seminar on where digital assets are heading. Who shows up in a room says a lot about where a market is going. Thank you @SolanaInstitute, @BitGo, and @orca_so for making it happen, and thank you to everyone who joined us.

[RECAP] Namsan Hike with T1gers 🐯🔺 Before Seoul gets loud with KBW, we hiked Namsan and kicked off our own KBW journey with a clear mind, fresh air, and perfect weather. 3 hours on the trail meant 3 hours of real conversation with builders who'd flown in from all over the world, all the way up to a panoramic view of the entire Seoul skyline. Huge thanks to our co-host @tiger_research_ for leading the way and knowing every good viewpoint on the mountain. This was just the warm-up. @AvaxTeam1's KBW journey has only just begun 🧵

🐅 Namsan Hike with T1gers KBW week starts Monday. Before the panels and back-to-back meetings, we went up instead of indoors. 4km up Namsan, the Seoul skyline at the top, and the kind of conversations that don't happen in a conference hall. Thank you @Team1KOR for co-hosting, and to everyone who showed up at 10AM on a Saturday. See you Monday! Let's start the week strong 🔺

🐅 Daily Recap | Sep 23 What happened in blockchain in the last 24 hours 🤖 AI / AI Agent - @ekko_924 🔸@coinbase enables AI agent trading of U.S. stocks and x402 payments 🔸@BlackRock publishes analysis on AI agent payments, tokenized assets, and compute markets 🏦 RWA / Stablecoin - @ryanyoon_eth 🔸@binance acquires $100M stake in @circle, extends USDC partnership to five years 🔸@SoFi begins settling SoFiUSD stablecoin through @Mastercard network 🔸Canada's big six banks begin testing tokenized deposit system 🔸Kakao group signs digital asset partnership with Southeast Asian platform, Grab

🙇‍♂️ 가상자산 과세 설문조사에 참여해주신 모든 분께 감사드립니다. @tiger_research_ 이번 조사에는 총 2,423명이 참여했습니다. 전국 단위 여론조사가 통상 1천 명 안팎을 대상으로 진행된다는 점을 감안하면 상당히 많은 분이 참여해주셨습니다. 덕분에 과세에 대한 단순 찬반을 넘어 투자자들이 무엇을 우려하고 있으며, 과세 이후 어떤 행동 변화를 생각하고 있는지 보다 구체적으로 확인할 수 있었습니다. 조사 결과는 매일경제 지면과 기사에도 소개됐습니다. 가장 눈에 띈 부분은 투자자들이 과세 자체를 무조건 반대한 것은 아니라는 점입니다. 전체 응답자의 73.7%가 과세에 반대했지만, 과세에 반대한 응답자 가운데서도 절반이 넘는 51.5%는 제도가 충분히 보완된다면 과세를 받아들일 수 있다고 답했습니다. 반대로 과세의 필요성에 동의한 응답자의 74.5%도 현행안을 그대로 시행하기보다 유예하거나 보완할 필요가 있다고 봤습니다. 결국 투자자들이 문제로 본 것은 과세라는 원칙 자체만은 아니었습니다. 과세할 실제 이익을 제대로 계산할 수 있는지, 국내외 거래내역을 충분히 파악할 수 있는지, 신고와 납부를 위한 준비가 갖춰져 있는지와 같이 현행 제도가 실제 시장에서 작동할 수 있는지를 함께 보고 있었습니다. 과세를 바라보는 사회적 인식도 흥미로웠습니다. 응답자의 72.1%는 다른 금융자산과 비교해 현재의 과세 기준이 공정하지 않다고 봤고, 73.0%는 가상자산 과세가 20대와 30대의 자산 형성 기회를 제한할 수 있다고 답했습니다. 특히 청년층의 자산 형성 기회에 대한 우려는 20대와 30대에서 가장 높게 나타났지만, 40대 이상에서도 모두 과반을 크게 웃돌았습니다. 결과를 보면서 과세가 단순히 세금 부담의 문제만은 아니며, 다른 금융자산과의 형평성과 청년층의 자산 형성 기회까지 함께 고려되고 있다는 점이 흥미로웠습니다. 설문을 진행한 뒤에는 한 가지를 더 확인해보고 싶었습니다. 국내 거래소 밖에서 이뤄지는 거래까지 과세에 필요한 정보를 실제로 얼마나 확보할 수 있을지였습니다. 이를 확인하기 위해 체이널리시스(@chainalysis)의 도움을 받아 이미 가상자산 과세를 시행하고 있는 일본과 영국, 미국, 이탈리아의 거래 흐름을 살펴봤습니다. 2025년 기준 CARF를 통한 사업자 정보보고만으로 이후 거래 흐름을 계속 확인하기 어려운 경로로 이동한 자산 비중은 일본 59.1%, 영국 65.2%, 미국 75.4%, 이탈리아 76.6%였습니다. CARF가 해외 거래정보 확보를 보완할 수 있지만 현실적인 한계도 있습니다. 개인지갑이나 DEX 등으로 이동한 이후의 거래까지 사업자 정보보고만으로 계속 파악하기는 어렵습니다. 여기에 국가별 첫 정보교환 시점도 2027년부터 2029년까지 차이가 있어, 과세 초기에는 해외 거래정보를 확보하는 시점에도 공백이 발생할 수 있습니다. 비교적 최근인 2023년 1월부터 가상자산에 별도 과세체계를 도입한 이탈리아의 변화도 눈에 띄었습니다. CARF 비포괄 경로로 이동한 비중은 2024년 50.4%에서 2025년 76.6%로 높아졌고, 같은 기간 개인지갑으로 전송된 금액도 45.7% 증가했습니다. 물론 과세가 이러한 변화를 직접 만들었다고 단정할 수는 없습니다. 다만 과세를 시행하는 국가에서도 상당한 거래가 과세당국이 이후 흐름을 파악하기 어려운 경로로 이동하고 있다는 점은 눈여겨볼 필요가 있습니다. 국내 시장에 미칠 영향도 작지 않을 것으로 보입니다. 설문에서는 과세 이후 69.7%가 투자 규모를 줄이거나 투자를 중단할 가능성이 있다고 답했고, 73.1%는 국내 거래소 이용을 줄일 가능성이 있다고 답했습니다. 글로벌 거래소와 개인지갑을 통한 거래를 늘리겠다는 응답도 높았습니다. 이러한 설문 결과와 해외 과세 사례를 바탕으로 추정하면, 국내 3대 거래소의 연간 거래대금은 과세 시행 이후 약 30% 감소할 가능성이 있는 것으로 나타났습니다. 문제는 거래량 감소에 그치지 않습니다. 국내 거래 기반이 약해지는 동시에 일부 자금이 해외 거래소와 개인지갑으로 이동하면 과세에 필요한 정보도 여러 경로로 흩어집니다. 세원을 확보하기 위해 도입한 제도가 오히려 국내 시장과 과세 기반을 함께 약화시킬 가능성까지 살펴볼 필요가 있습니다. 이번 설문조사와 체이널리시스 데이터를 함께 살펴보며 과세제도를 준비할 때 확인해야 할 부분도 조금 더 분명해졌습니다. 손익과 취득가액을 정확하게 계산할 수 있는지, 국내외 거래정보를 안정적으로 확보할 수 있는지 먼저 점검할 필요가 있습니다. 다른 금융자산과의 형평성이나 청년층의 자산 형성 기회처럼 투자자들이 과세를 어떻게 받아들이는지도 함께 살펴봐야 합니다. 시행한 뒤 부족한 부분을 보완하기보다, 제도가 실제로 작동할 수 있는 기반과 사회적 수용성을 먼저 충분히 확인하는 과정이 필요하다는 점을 이번 조사에서 확인할 수 있었습니다. 디지털자산 시장이 계속 변화하는 만큼 과세 역시 시장의 특성을 충분히 반영할 필요가 있습니다. 국내 시장의 경쟁력을 유지하면서도 투자자가 납득할 수 있는 과세체계를 어떻게 마련할 것인지에 대한 논의가 이어졌으면 합니다. 다시 한번 설문에 참여하고 주변에 공유해주신 모든 분께 감사드립니다.

Half of Korean crypto investors oppose the tax. Fix the system, and 63.4% flip to support. The problem was never taxation. It was readiness.

🐅 Daily Recap | Sep 22 What happened in blockchain in the last 24 hours 🤖 AI / AI Agent - @ekko_924 🔸@ZetaChain passes proposal to migrate ZETA to @solana, pivots to private AI ecosystem 🔸@Cardano adds official software kit for x402 support 🔸@0G_labs links staked assets to AI compute credits 🏦 RWA / Stablecoin - @ryanyoon_eth 🔸@circle launches bitcoin-collateralized USDC lending service for institutions 🔸@Ondo enables direct conversion between physical stocks and tokenized stocks for institutions 🔸@kamino appoints Michael Wise as CEO, expands into U.S. institutional market 🔸Eugene Investment Securities and @BEATOZOfficial sign MOU for stablecoin payments in tokenized securities subscriptions 🔸@ecb activates Pontes platform, begins tokenized asset settlement in central bank money

🐅 Daily Recap | Sep 21 What happened in blockchain in the last 24 hours 🤖 AI Agent / Payment - @ekko_924 🔸 @stripe adds Samsung Pay support to its Crypto Onramp for Android users 🔸 @payprotocol and @squidrouter explore multichain merchant payments using USDC, RLUSD, XRP, and ETH 🔸 @Aptos partners with x402 and io.net to enable AI agents to autonomously rent GPUs and make payments 🏦 RWA / Stablecoin - @ryanyoon_eth 🔸 Apple and Google begin hiring for stablecoin-related roles 🔸 KB Kookmin Card joins Mastercard’s digital asset partnership program 🔸 @xStocksFi tokenized equities market cap reaches $173M, up 187% over the past month 🔸 @WisdomTreeFunds's WTGXX broadens investment pathways for stablecoin users

🐅 Daily Recap | Sep 18 What happened in blockchain in the last 24 hours 🤖 AI / AI Agent - @ekko_924 🔸@elliptic launches 'Decode', an AI agent for on-chain risk analysis 🔸@Alchemy and @Mastercard integrate agent card payments for AI agents 🔸@avax treasury CEO raises concerns over block space shortage as AI agents proliferate 🔸@circle @arc unveils 'Arc Studio' for creating on-chain apps with natural language 🏦 RWA / Stablecoin - @ryanyoon_eth 🔸U.S. @SEC grants 5-Year 'Innovation Exemption' for on-chain trading of tokenized stocks 🔸@SPGlobal acquires tokenized finance risk specialist @OpenZeppelin 🔸@WisdomTreeFunds and @moonpay expand retail access to $1.2B tokenized treasury fund 🔸@pendle_fi integrates NGI+ (Tokenized Private Infrastructure Revenue) trading support 🔸@hkmagovhk to launch Interbank wCBDC for payments by year-end