Koreas Eugene Investment Will Test Stablecoin Settlement for Tokenized Securities in New BEATOZ Partnership

South Korean brokerage Eugene Investment & Securities has signed a memorandum of understanding with blockchain company BEATOZ to test stablecoin settlement for tokenized securities subscriptions, targeting an onchain process that covers subscription, payment and settlement in a single flow.

The PoC in Plain Terms

Under the agreement signed on Sept. 21, the two firms will run a proof of concept that applies stablecoins to subscription payments for tokenized securities. The core problem being tackled is familiar to anyone who has looked at institutional tokenization: current systems can record ownership and changes in investor rights onchain, but the subscription funds still move through conventional bank accounts, splitting the process across two worlds.

Eugene and BEATOZ plan to test a structure in which stablecoins handle the payment side, so that subscription, payment and settlement all operate within a single blockchain-based system. If it works, the awkward hybrid of onchain securities records and offchain money movement would collapse into one auditable pipeline.

Who Brings What

BEATOZ is the less familiar name in the pairing. The company markets hybrid blockchain architecture that blends permissioned control with public verification, an approach aimed at financial institutions that want deterministic operator governance without giving up the auditability of a shared ledger. For Eugene, partnering with a technology provider rather than building in-house keeps the brokerage’s options open while the regulatory shape of Korea’s tokenization market is still being finalized.

Eugene will contribute its securities operations experience and existing tokenized securities infrastructure, while BEATOZ provides its hybrid blockchain technology. The companies will jointly review where stablecoins could be used across securities operations before deciding on potential infrastructure connections and subsequent cooperation based on the PoC results.

Eun Seok hoon, head of Eugene Investment & Securities’ AX innovation division, described the agreement as a “first step” toward infrastructure connecting tokenized securities and stablecoins. “We will use our existing tokenized securities issuance platform to find concrete ways to apply it,” Eun said.

Eugene Is Not Starting From Zero

The brokerage already has infrastructure it can use for the trial. Eugene built its tokenized securities platform in 2024 and participated in a tokenized securities pilot operated by the Korea Securities Depository in 2025. It is also currently part of Hana Financial Group’s consortium working on a Korean won-denominated stablecoin, giving it a direct line to the very instrument the PoC would deploy.

That consortium membership matters. A subscription-settlement stablecoin that is not pegged to the won would create new foreign exchange friction, so Eugene’s participation in Hana’s won stablecoin work positions the PoC to settle in a currency Korean regulators and investors actually use.

The February 2027 Deadline

The trial arrives as South Korea prepares to formally incorporate tokenized securities into its regulated capital markets system. The country has laid out a three-stage tokenization plan, with the first phase scheduled to begin when amendments to the Electronic Registration Act take effect on Feb. 4, 2027. Selected privately pooled money market funds and institutional bonds are expected to become eligible for tokenization in the first phase, along with unlisted stocks issued through trust structures and publicly offered fractional investment securities.

A later phase is expected to extend tokenization to publicly offered securities more broadly. Brokerages that have working stablecoin settlement rails before those phases activate will have a running start over competitors still building from scratch, which is precisely the window Eugene is aiming at with a PoC starting more than a year ahead of the deadline.

Why Stablecoin Settlement Is the Hard Part

Tokenizing the security itself is arguably the easy half of the problem. The payment leg introduces questions about which stablecoin is used, how it is minted and redeemed, whether settlement finality satisfies securities regulations, and how failed or partial subscriptions are refunded onchain. Demonstrating clean answers to those questions in a controlled PoC is what would make the Eugene-BEATOZ work significant beyond the announcement itself.

The partnership also fits a broader Korean pattern: brokerages, banks and financial groups have spent 2026 racing to assemble tokenization stacks ahead of the regulatory framework, from Hana’s stablecoin consortium to KSD’s custody pilots.

Bottom Line

Eugene’s bet is that by the time Korea’s tokenized securities regime goes live, the brokerage that already knows how to collect subscription money onchain wins the mandate. The PoC with BEATOZ is an early down payment on that thesis.

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