صندوق بین المللی پول: دارایی های توکن شده در میان ریسک انحلال به 65.1 میلیارد دلار می رسد

The International Monetary Fund has assessed the tokenized asset market at $65.1 billion, warning that the automated liquidation mechanisms embedded in many tokenized instruments could amplify financial stress across markets if triggered at scale, according to the IMF's assessment of the sector's growth trajectory. IMF puts tokenized asset market at $65.1 billion Tokenized assets, which represent ownership of real-world or financial instruments such as bonds, equities, real estate, or commodities encoded as blockchain-based tokens, have grown to a market size the IMF's Global Financial Stability assessment places at $65.1 billion. The figure marks substantial accumulation in an asset class that barely registered in institutional discussions five years ago. As tokenized catastrophe bonds and other structured instruments enter issuance pipelines for 2027, the IMF's scale estimate underscores how quickly real-world asset tokenization has moved from pilot to mainstream. The $65.1 billion figure is drawn from IMF reporting on the sector; the specific underlying report document was not independently retrieved during research for this article, and readers should treat the dollar figure as reported rather than independently confirmed here. For related coverage, see IMF: Tokenized Assets Hit $65.1B, Liquidation Risk Rises. Why automatic liquidation could amplify financial stress The IMF's concern centers on the liquidation logic built into many tokenized instruments. Unlike traditional assets, where margin calls and forced sales move through intermediaries subject to discretionary judgment, tokenized positions can carry smart-contract rules that execute liquidations automatically when collateral thresholds are breached. When multiple positions share similar threshold parameters, a single price drop can trigger synchronized selling across the entire class simultaneously, removing the normal friction that slows contagion in traditional markets. For related coverage, see Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 6.03 Million Tokens, and Total Crypto and Total Cash & Marketable Securities Holdings of $16.2 Billion. The transmission mechanism differs from a standard leverage unwind. Automatic liquidation removes human decision latency, meaning the market impact of a stress event compresses into minutes rather than hours or days. At a combined market size of $65.1 billion per IMF data, a correlated liquidation wave would be large enough to move prices in underlying reference assets, particularly in thinner fixed-income or commodity markets where tokenized exposure is concentrated. Platforms settling tokenized securities on shared infrastructure, as Consensys and ClearToken are building toward with 24/7 settlement, face added complexity if liquidation events hit outside traditional trading hours. What the warning means for investors, issuers, and policy watchers For investors holding leveraged tokenized positions, the IMF framing signals that counterparty and liquidity risk assumptions borrowed from traditional structured products may not translate cleanly. The absence of discretionary circuit breakers means loss scenarios in a tokenized context can resolve faster and more completely than comparable equity or credit events.