The IMF describes “tokenized” markets as “small” in scale, but this is precisely the part I find especially interesting.
The IMF puts digital assets and stablecoins excluded from repos at approximately $65 billion as of July, while the volume of the tokenized repo segment is around $300–350 billion per day. This is real financial activity, but it is still small compared with traditional markets.
The main issue for me is not how quickly tokenization is growing.
It’s whether the infrastructure can handle the load when the market comes under pressure.
For now, some major gaps remain:
• liquidity is higher (less depth)
• markets are still fragmented
• legal certainty is still evolving
• interoperability remains a challenge
• automation can speed up clearing, margin calls, and liquidations
The IMF puts digital assets and stablecoins excluded from repos at approximately $65 billion as of July, while the volume of the tokenized repo segment is around $300–350 billion per day. This is real financial activity, but it is still small compared with traditional markets.
The main issue for me is not how quickly tokenization is growing.
It’s whether the infrastructure can handle the load when the market comes under pressure.
For now, some major gaps remain:
• liquidity is higher (less depth)
• markets are still fragmented
• legal certainty is still evolving
• interoperability remains a challenge
• automation can speed up clearing, margin calls, and liquidations