A Study on STOs of Public Assets for Regional Economic Revitalization

This study explores the potential of utilizing Security Token Offerings (STOs) as a strategic tool for regional economic revitalization through the tokenization of public assets. Public Value Theory serves as the theoretical foundation, supported by an analytical framework incorporating international case studies, institutional reviews, and public value evaluation criteria. The framework is built around four dimensions: preservation of public purpose, legitimacy and citizen participation, creation of social and regional value, and institutional trust. Case studies from Singapore (ADDX), Japan (real estate STOs), and the United States (RealT and INX) offer comparative insights into regulatory structures, governance models, civic engagement, and public value strategies. Findings highlight the need for Korea to design STOs that balance public interest and profitability, promote citizen engagement, and ensure legal and institutional support. As a result, this study argues that STOs can move beyond financial innovation to function as a public governance tool—supporting more inclusive, transparent, and sustainable models of regional development through the strategic mobilization of public assets.