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Following关键洞察：IMF指出RWA代币化面临四大增长障碍，代币化资产规模已达650亿美元
据国际货币基金组织（IMF）称，随着代币化资产规模达到650亿美元，现实世界资产（RWA）代币化正面临四大增长障碍。IMF确定了市场扩张所需的四个条件：法律确定性、监管清晰度、互操作性以及安全结算资产。该机构表示，尽管投资者对非传统交易时段交易和购买股份碎片的兴趣日益浓厚，但这些限制依然存在。
这些发现出现在IMF最新《全球金融稳定报告》的分析章节中。基金组织将该部门的规模与传统资本市场约30万亿美元的资产进行了比较。报告还指出，发行活动主要集中在美国和一些主要的离岸司法管辖区。
IMF识别出RWA代币化的四大障碍
第一个障碍涉及投资者能否维护代币化资产所代表的法律权利。IMF表示，各国应明确这些权利以提供法律确定性。它另外敦促监管机构解释现有规则如何适用于新的账本和市场功能。
第三个约束涉及互操作性，即不同平台之间的连接能力。根据IMF的说法，交易仍然分散在不同的网络、平台和结算安排中，导致流动性分割在不同的场所。
The fourth constraint involves clearing assets, and the IMF emphasizes a safe and widely accepted form of currency. The IMF describes these four constraints as mutually reinforcing barriers to further growth. It said segmented platforms and lack of co-clearing assets weakened network effects that could support expansion.
Transaction data shows demand for access rights and fragmented shares
Despite these obstacles, the IMF reports that investors value the features available in tokenized markets. In its analysis, more than half of the transactions occurred outside traditional market hours. About 80% of the tokenized stock transactions reviewed involved less than one share.
The IMF said fragmented ownership allows retail investors to participate at a lower entry cost. Its review also found that traditional stock prices measure the return of overnight tokenized stocks shortly after the market opens. The IMF said this showed that the two markets were responding to similar information.
However, the IMF reports that the tokenized market is still less active and more volatile than traditional markets. It said fragmentation further weakened liquidity, hindered effective price formation, and led to price deviations. These limitations exist along with the trading characteristics investors already use.
IMF calls for safeguards as tokenized market expands
The IMF said repo agreements make up the majority of tokenization activity, with an average daily transaction volume of approximately US$300 billion to US$350 billion. These short-term loans involve government bond collateral and agreements to later reverse the transaction. The IMF compared this activity to the approximately $13 trillion in daily trading volume in the U.S. repo market.
The report states that RWA tokenization can combine issuance, transactions, settlements and services on a distributed programmable ledger. It could also compress the processes that institutions currently perform in sequence, although the IMF said most of this possibility has not yet been realized. The IMF warned that the expansion could amplify the risks of selling, liquidity runs and contagion through interconnectivity and leverage.
The IMF points out that existing sequential processes increase costs while providing security buffers and supporting liquidity management. It said that in a fully tokenized environment, most of these protections would disappear.
To allow RWA tokenization to expand safely, the IMF called for regulations that consistently treat similar activities regardless of technology. It also urges the establishment of links between tokenization platforms and traditional financial systems. The IMF said authorities should monitor emerging vulnerabilities and maintain safeguards as interconnectivity, leverage and liquidity risks evolve.
