Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingThe International Monetary Fund emphasizes that the tokenization market is expanding rapidly, but legal ambiguity and stability threats still exist.
Tokenization is expanding rapidly in global financial markets and is expected to simplify trading and settlement processes. However, the International Monetary Fund (IMF) emphasized that persistent legal ambiguity and potential threats to financial stability could limit the wider adoption of these technologies.
Size and challenges of tokenized markets
An analysis released by the International Monetary Fund on Thursday pointed out that although tokenized financial markets are witnessing rapid growth, they are still much smaller than traditional markets. Difficulties such as poor interoperability and the lack of widely accepted settlement assets continue to hinder its expansion.
There is still a significant gap between the theoretical advantages of tokenization and its current application. For example, the average daily transaction volume of tokenized repo agreements (Repos) averages between $300 billion and $350 billion. In comparison, the total daily trading volume in the traditional repo market in the United States is approximately $1.3 trillion.
In addition to repo agreements and stablecoins, the value of most tokenized assets is concentrated in credit products and money market funds. As of July, the total outstanding global tokenized real-world assets (RWAs) was approximately US$65 billion, accounting for only a tiny fraction of the estimated total global capital market assets of US$30 trillion.
Despite limited market share, tokenized stocks are attracting investors interested in trading around the clock and the ability to hold fragmented shares. The International Monetary Fund has observed that more than half of all tokenized stock transactions occur outside regular U.S. market trading hours, and about 80% of these transactions involve less than one share.
The analysis also found that overnight fluctuations in tokenized stock prices tend to be reflected in the prices of traditional stocks when the market opens. This suggests that during non-trading hours, tokenized markets may provide useful price signals.
The International Monetary Fund reported that the liquidity of tokenized stocks is much lower than that of traditional stocks, and their realized volatility is about 1.5 times that of traditional stocks. The organization warned that as tokenized markets become more closely connected to traditional systems, traditional risks such as selling surges, liquidity runs and contagion effects could be amplified.
To address these vulnerabilities, the International Monetary Fund advocates improving legal and regulatory frameworks, improving interoperability between tokenization systems and traditional systems, and establishing strong safeguards during adoption. Despite these challenges, the International Monetary Fund notes that systemic risks are currently limited due to the relatively small size of the tokenized market.
IMF and European regulators raise concerns about tokenization
这并非国际货币基金组织首次就代币化发出警告。2025年11月，国际货币基金组织指出，自动化交易的增加和智能合约的使用加剧，可能会加剧市场波动并增加闪崩的风险。
今年4月，该机构曾对快速结算可能加剧金融压力表示关切。另一份7月的报告则强调了碎片化平台以及监管机构之间协调不足所带来的危险。
欧洲当局也表达了类似的担忧。上个月，欧洲证券和市场管理局（ESMA）表示，加密资产与传统市场之间联系的扩大，特别是通过代币化股票，可能会使金融冲击更容易跨行业传播。
国际货币基金组织的分析师周四写道：“代币化可能会改变金融业，但其未来将更多地由确保市场深度、信任和健全保障的政策决定，而非仅仅由技术可能性决定。”
小词典：
欧洲证券和市场管理局（ESMA）：一家总部位于巴黎的机构，负责制定规则并直接监督金融机构，以确保欧盟金融市场的稳定和完整性。
