IMF: The tokenized RWA market size is about US$65 billion, which may become a new channel for leverage accumulation and liquidity risk

In the Global Financial Stability Report released by the International Monetary Fund (IMF) in October, the tokenization market was listed as the subject of discussion in a special chapter for the first time. The report disclosed that as of the end of July, the open market size of tokenized RWA (excluding repurchase and stablecoins) was approximately US$65 billion, of which credit, money market funds and stocks were approximately US$30.4 billion, US$17.5 billion and US$2.3 billion respectively; The 30-day average daily transaction volume of tokenized repurchase reached US$303 billion. The report also pointed out that the concentration of tokenized stock issuance is extremely high, with the two platforms Ondo Finance and Backed Finance (xStocks) accounting for more than 70%. In addition, more than half of all transactions are conducted outside the regular trading hours of U.S. stocks, and about 80% of transactions are less than one share in size, with volatility about 1.5 times that of traditional markets.