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FollowingTokenization of financial assets: Opportunities, limitations and regulatory outlook
Tokenization of financial assets is expected to achieve faster transaction speeds and an open market around the clock. However, this area still faces many restrictions. The International Monetary Fund (IMF) pointed out in its latest report that compared with traditional markets, the transaction volume of the tokenized market is still low, and it is difficult to achieve effective interconnection between platforms.
Core Points
- The size of public tokenized assets is approximately US$65 billion, while the average daily transaction volume of repurchase agreements (Repos) is as high as US$303 billion.
- More than half of tokenized stock transactions occur during the U.S. market closures.
- About 80% of transactions involve shares of less than one share.
- The IMF calls for clarifying legal rules, coordinating regulatory policies, and improving interoperability between platforms and traditional systems.
Market size remains limited
In theory, tokenization could integrate multiple stages of financial transactions, from verification to settlement. This simplified process has attracted the attention of institutional investors, as a series of major industry events this fall showed. However, the data shows that the market is still a long way from mass adoption.
根据IMF在10月发布的《金融稳定报告》，除养老金外，公开代币化资产的价值约为650亿美元。其中，代币化股票仅占23亿美元，且超过70%的份额集中在两个平台上：Ondo Finance 和 Backed Finance。
相比之下，养老基金领域的表现尤为突出，其平均日交易量达到3030亿美元。这一数据表明，抵押品管理是代币化最切实的应用场景之一。尽管取得了进展，但活动仍主要集中在美国及少数离岸地区。此外，各平台仍在兼容性极低的网络上运行，进一步制约了发展。
持续交易与碎片化趋势
代币化已在一定程度上满足了部分投资者的需求。超过一半的代币化股票交易发生在美国市场休市期间，这一趋势证实了市场对全天候可访问性的高度兴趣。此外，约80%的交易涉及不足一股的股票，凸显了散户投资者的重要性。
平台正积极开发由加密资产支持的碎片化股票发行服务。然而，这些市场的流动性较低，波动率约为传统对应市场的1.5倍。此外，夜间发布的信息会在传统市场开盘时反映在价格中，这表明两个市场体系依然紧密相连。
即时性带来的风险
Tokenization does not eliminate financial risks, but may accelerate their spread. By shortening settlement times, market participants have more time to manage liquidity and adjust positions. In this context, the interconnection of registration systems and the use of leverage may exacerbate market tensions.
To support the development of the industry, the IMF has identified four major priorities: legal certainty, regulatory clarity, interoperability, and reliability of settled assets. At the same time, the IMF advocates a rule of technology neutrality: no matter what system is used, the same activities should be subject to the same requirements.
Finally, the agency prefers settlement in central bank currencies and warns against the risk of contagion associated with private solutions, particularly stablecoins. As early as July, the IMF warned of the risk of stablecoins triggering large-scale bank runs.
Tokenization may revolutionize financial markets, but its growth will depend on the robustness of infrastructure and the ability to gain the trust of participants.
