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#IMFSaysTokenizedMarketsSmall The IMF calls digital markets “small,” but this part in particular is what I find most interesting. The IMF puts off-chain (repo) exclusions and stablecoins at around $65 billion as of July, while activity in tokenized repo is around $300–350 billion in daily volume. This is real financial activity, but it remains small compared with traditional markets. The bigger issue for me is not how fast tokenization is growing. Rather, whether the infrastructure can handle it when the market comes under stress. Right now, there are still several major gaps: • Liquidity is thinner (less depth) • Markets remain fragmented • Legal certainty is still evolving • Interoperability is still a problem • Automation may cause liquidation and margin calls to move at a faster pace #IMFGrantsWaiverForElSalvadorBitcoinBreach #VitalikWarnsAICouldWeakenCryptographySecurity #EvernorthDelaysNasdaqDebutToOct12 $AMZNB $AAPLB $NVDAB