IMF: The scale of tokenized assets reached 65.1 billion USD, automatic clearing may amplify financial shocks

The International Monetary Fund (IMF) pointed out in Chapter 3 of the October 2026 "Global Financial Stability Report" that as of July 31, excluding repurchase agreements and stablecoins, the scale of tokenized real-world assets reached approximately $65.1 billion, including tokenized credit of $30.4 billion, money market funds of $17.5 billion, and tokenized equities of $2.3 billion.

The report indicated that automatic clearing, instant settlement, continuous trading, and programmable collateral could accelerate forced liquidations and amplify financial shocks during market stress. Cross-platform reuse of collateral could also increase leverage, allowing risks to transmit more quickly to different institutions and markets. The IMF identified four obstacles to the expanded application of the tokenized market: legal certainty, regulatory clarity, blockchain network interoperability, and reliable settlement assets, and recommended adopting technology-neutral regulation, strengthening supervision, establishing circuit breakers, and preventing instability in automatic clearing.