[IMF Points Out Legal Uncertainty and Liquidity Risks in the Tokenized Market] The IMF analysis highlights that while the tokenized financial market is rapidly expanding, legal uncertainty and a lack of interoperability remain major obstacles. As of July, the outstanding value of tokenized RWAs was approximately $65 billion, significantly smaller than the $30 trillion global capital market. The daily trading volume of related repo agreements reached $300 billion to $350 billion, only a fraction of the U.S. traditional repo market. Tokenized equity liquidity is relatively poor, with volatility about 1.5 times that of traditional assets. As connectivity increases, potential sell-offs, liquidity squeezes, and contagion risks could be amplified. The IMF calls for the improvement of legal and regulatory frameworks. (Source: International Monetary Fund)