🌙 The IMF assessed the tokenized asset market — without its biggest participant
The International Monetary Fund (IMF) publishes its Global Financial Stability Report (GFSR) twice a year — an extensive study of what is happening in global finance. The October edition devoted a separate chapter to tokenization.
In short, tokenized assets are blockchain tokens whose prices track the value of real-world assets, such as company assets, bonds, and gold. They trade around the clock, unlike the assets themselves.
More than half of all trades in tokenized assets take place outside regular trading hours. As the Fund notes, demand for 24/7 access is real — and the main challenge is making these markets deep, liquid, and resilient as well.
Binance Research compared this with its own data — and expanded the Fund’s sample: — 61.5% of bStocks trading volume occurs outside core trading sessions. The IMF’s estimate for centralized platforms is 50% or more — 1.31x is the ratio of a token’s daily volatility to the underlying asset’s volatility during a trading session. The IMF’s sample puts the benchmark at around 1.5x: a smaller premium indicates more stable price formation — Around 46% of all trading volume in tokenized assets comes from bStocks
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