On October 13, the International Monetary Fund (IMF) stated in Chapter 3 of the October 2026 Global Financial Stability Report that as of July 31, the scale of tokenized real-world assets, excluding repurchase agreements and stablecoins, reached approximately $65.1 billion. This includes $30.4 billion in tokenized credit, $17.5 billion in money market funds, and $2.3 billion in tokenized equities. The report noted that automatic settlement, instant clearing, continuous trading, and programmable collateral could accelerate forced liquidations and amplify financial shocks during market stress. The cross-platform reuse of collateral may also increase leverage, allowing risks to transmit more quickly across different institutions and markets. The IMF identified four obstacles to the broader application of the tokenized market: legal certainty, regulatory clarity, blockchain network interoperability, and reliable settlement assets. It recommended adopting technology-neutral regulations, enhancing supervision, establishing circuit breakers, and preventing instability in automatic settlements.
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