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.