A bond that can be serviced, not just minted

Minting a representation of a share is the start of the work and the end of the pitch deck. The operating layer is eligibility, wallet-to-identity, transfer restrictions by jurisdiction and investor type, corporate actions, collateral and securities lending, fund administration, custody and recovery, withholding, and, when a later phase allows it, delivery against a stable settlement asset.

A bond that can be issued to eligible holders, posted as collateral, transferred against payment, couponed, and redeemed, with the restrictions enforced in the same workflow as the movement, is a different object from a token that tracks a price. Korea is building toward the first object. The second is a distraction.