TREE NEWS reports: The IMF said tokenized repo trades run about $300-350 billion a day and other tokenized assets about $65 billion, against roughly $13 trillion in daily US repo volume and $300 trillion in global capital markets. It said tokenization is growing fast but remains tiny and highly fragmented, and called for legal certainty, a clear regulatory framework and interoperability. The IMF warned that scale could amplify sell-offs, liquidity runs and contagion, urging technology-neutral rules and monitoring of leverage and liquidity risks.
IMF: Tokenized Markets Still Small and Fragmented, Needs Clear Rules
The IMF's numbers frame tokenization less as a market transformation than as a small, siloed experiment still dwarfed by conventional repo and global capital markets. That gap is the real story: fragmentation, not adoption, is the binding constraint, and legal certainty and interoperability are what would have to change before scale arrives. The warning cuts the other way too — the same features that keep tokenized markets contained today could amplify sell-offs and contagion once they grow. Whether regulators move on technology-neutral rules before that scale arrives is the open question.
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