Overseas exchanges capture round-the-clock demand unavailable in Korea (Reuters- Yonhap) Investor enthusiasm for SK hynix's newly listed American depositary receipts is spreading into the crypto market, with the combined market capitalization of tokenized products tracking the ADRs topping 100 billion won ($68 million) globally on Monday.According to CoinMarketCap, four spot tokenized products tracking SK hynix's US-listed shares had a combined market capitalization of $72.8 million as of around 1 p.m. Monday.Overseas crypto platforms have introduced the products since SK hynix's ADRs began trading in the US on July 10. The four tokens recorded a combined 24-hour trading volume of $19.7 million.Their combined market value first topped 100 billion won on Friday, slipped below the mark over the weekend and climbed back above it Monday.The largest was xStocks' SKHYx, traded mainly on OKX, with a market capitalization of $50.7 million. It accounted for about 70 percent of the four products' combined market value.SKHYB, issued by a Binance affiliate, followed at nearly $18 million. Launched on July 13, SKHYB was trading on 10 centralized exchanges, including Binance, as of Monday. It generated $14.4 million in 24-hour turnover, accounting for nearly three-quarters of the four products' combined trading volume.Smaller products issued by Backpack and Ondo Finance made up the remainder.Availability varies by jurisdiction and exchange policy, with trading restricted in markets where tokenized securities are not permitted. SKHYB, for instance, is available only to eligible users in approved jurisdictions.The tokens can be traded around the clock, including on weekends, and purchased in fractional amounts on participating crypto platforms. They offer overseas investors an alternative way to gain exposure to SK hynix while providing crypto exchanges with additional liquidity and trading-fee income.Korea has established a legal foundation for tokenized securities, with blockchain-based ledgers set to gain legal recognition from February 2027. The framework, however, is expected to initially cover nontraditional securities such as fractional interests in real estate and music royalties, with listed shares likely to be introduced only at a later stage.That means an equivalent SK hynix token is unlikely to be offered through licensed Korean platforms when the framework first takes effect, leaving overseas exchanges to capture the trading activity, liquidity and fee income generated by global demand.Meanwhile, the Financial Services Commission is expected to release detailed regulations and guidelines for implementing the token securities framework as early as this month.