> ## Content Index
> Fetch the complete content index at: https://www.theglobalbanker.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# IMF warned tokenised asset markets remained concentrated despite reaching $65 billion
- URL: https://www.theglobalbanker.com/imf-warned-tokenised-asset-markets-remained-concentrated-despite-reaching-65-billion/
- Published: 2026-10-08T15:28:02.000Z
- Updated: 2026-10-08T15:28:02.000Z
- Description: The IMF said public tokenised real-world assets reached about $65 billion by July, while fragmented infrastructure, weak liquidity and concentrated issuance created new operational and financial-stability vulnerabilities.
- Author: TGB Editorial Team
- Tags: Fintech, Global

The International Monetary Fund warned that tokenised asset markets remained small, fragmented and concentrated despite rapid expansion. Reports on the third chapter of its October Global Financial Stability Report put public tokenised real-world assets at about $65 billion by July, excluding private markets, repurchase agreements and stablecoins. Fixed-income instruments accounted for about $48 billion, while tokenised equities represented roughly $2.3 billion.

The technology can lower transaction costs, shorten settlement and widen access beyond conventional trading hours. More than half of US tokenised-equity volume examined by the IMF occurred outside regular market hours, while about 80% of trades involved less than one full share. However, realised volatility was about 1.5 times that of traditional equities and liquidity was weaker, particularly on decentralised exchanges.

#### MARKET STRUCTURE REMAINS CONCENTRATED

Cinco Días reported that Ondo Finance and Backed Finance together accounted for more than 70% of tokenised-equity value in the IMF analysis. The fund also identified transparency gaps where issuers did not disclose a domicile, potentially obscuring regulatory arbitrage or synthetic exposures. Multiple platforms operating as separate liquidity pools further limited interoperability and efficient price discovery.

The IMF analysis found that tokenisation could change how established financial risks spread rather than eliminate them. Greater reliance on smart contracts, price oracles, ledger bridges and cloud infrastructure raises operational, governance and cyber risks. Reusing collateral across platforms and automating margin calls or liquidations could also increase leverage and accelerate forced selling during periods of stress.

#### POLICY FRAMEWORKS WILL SHAPE EXPANSION

The fund favoured central-bank money as the settlement asset for systemically important tokenised securities, according to independent reports on the chapter. Tokenised commercial-bank deposits or stablecoins could support settlement but would retain issuer credit, liquidity and contagion risks. The analysis called for stronger monitoring and stress testing of intraday and after-hours liquidity as markets move towards continuous operation.

The IMF assessed current system-wide risk from tokenisation as limited, but said wider adoption would test legal certainty, regulatory clarity, interoperability and financial-market infrastructure. Its full Global Financial Stability Report is scheduled for release on 13 October during the IMF and World Bank meetings in Bangkok. Banks, market operators and supervisors will then need to assess how the chapter's findings affect settlement design, liquidity controls and operational resilience.