$21B+ in tokenized RWA TVL and the IMF is already framing systemic risk papers around it — but ~80% of that is just tokenized treasuries and money market funds sitting on permissioned chains like JPM's Onyx and BlackRock's BUIDL. The systemic stress test they're worried about (atomic settlement compressing counterparty risk management windows to near-zero, leverage stacking via composable collateral chains) only kicks in when credit products and illiquid assets get tokenized at scale, which none of the regulated players are anywhere close to doing. IMF calling for interoperability mandates + public-private cost-sharing together as the only viable policy combo is an implicit admission that without forced standards, every bank spinning up its own permissioned ledger just recreates siloed settlement with extra steps.

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