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IMF: The market size of tokenized RWA is approximately 65 billion USD, which may become a new channel for leverage accumulation and liquidity risk

The International Monetary Fund (IMF) released the October "Global Financial Stability Report," which for the first time discusses the tokenized market in a dedicated chapter. The report shows that as of the end of July, the public market size of tokenized Real World Assets (RWA), excluding repos and stablecoins, is approximately $65 billion, with credit accounting for about $30.4 billion, money market funds about $17.5 billion, and stocks about $2.3 billion. The average daily trading volume of tokenized repos over 30 days reached $303 billion.The report states that the issuance of tokenized stocks is highly concentrated, with Ondo Finance and Backed Finance (xStocks) together accounting for over 70%. More than 50% of trades occur outside regular trading hours for U.S. stocks, with about 80% of trade sizes being less than one share, volatility being about 1.5 times that of traditional markets, and liquidity being significantly lower.The IMF believes that while the scale of tokenized assets is small, it may bring efficiency improvements in multiple areas, but it could also create new channels for leverage accumulation and liquidity and maturity mismatches, exacerbating technological and infrastructure risks, with current systemic risks remaining limited. The IMF also pointed out that in the absence of interoperable central bank currencies, stablecoins and tokenized deposits may become the main settlement tools in the tokenized capital market, leading to issuer credit risk and concentration risk.

first_img DRW and Marex completed the first on-chain bond index swap on the Canton network

According to The Defiant, trading firm DRW executed a total return swap with Marex on the Canton network through Derivnex, referencing the on-chain corporate bond benchmark from S&P Dow Jones Indices. S&P Dow Jones Indices announced this transaction with Kaiko on October 13.The swap was provided by Marex, with DRW as the counterparty, referencing the iBoxx USD Liquid Investment Grade Index, which tracks investment-grade corporate bonds that are dollar-denominated and have good liquidity. The swap provides both parties with exposure to the index without holding the underlying bonds. The transaction will synchronize events such as valuations during the contract's duration between both parties, and plans to migrate margin, collateral, and contract payments to the same infrastructure will be advanced in subsequent phases.Kaiko's tokens combine benchmark data with access permissions and usage rules, retaining the authorized control of S&P Dow Jones Indices, and distributing signed official index values for Derivnex to use for valuation. Derivnex expresses the transaction terms in the form of Canton smart contracts and introduces a universal domain model standard for derivatives trading. DRW founder and CEO Don Wilson stated that both parties can "work off the same record, thereby simplifying the process," and noted that once cash and collateral flows are integrated, more transactions are expected to achieve greater efficiency.

first_img The Bank for International Settlements released the second phase report of the digital cash project Aurum, exploring privacy-enhancing technologies

On October 13, 2026, the Bank for International Settlements Innovation Hub released the second phase report of the Aurum project, themed "Exploring Privacy-Enhancing Technologies for Digital Cash." This phase implements a privacy-protecting digital cash prototype based on the existing Aurum codebase, helping policymakers understand how relevant technologies can alleviate the dilemma between privacy and compliance in digital cash.The prototype adopts the principles of privacy by design and default privacy, demonstrating practices that lie between complete anonymity and complete transaction transparency, and achieving customizable features to meet business needs in compliance and operations. The project indicates that privacy can be embedded in the design of digital cash through technology, rather than solely relying on institutional guarantees, thereby reducing unnecessary exposure of personal and transaction data while maintaining compliance and system integrity.Privacy-protecting designs can assist central banks and policymakers in understanding the relevant considerations and trade-offs. The prototype's functionalities demonstrate policy flexibility between privacy, transparency, compliance, and other attributes, which can be calibrated according to different policy choices and risk preferences. In addition to digital cash, central banks can further explore privacy-enhancing technologies in more use cases, with the report listing several usage experiences.
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