IMF’s First Chapter Scrutinizes $65B Tokenized Market as Ondo Tops the Treasury Race
Today’s Focus
IMF’s first dedicated chapter pegs the tokenized RWA public market at $65 billion, with tokenized repo averaging $303 billion in daily volume, while flagging leverage and maturity-mismatch risks. Ondo’s Treasury products top $3 billion as USDY overtakes BlackRock’s BUIDL, with regulatory and trading infrastructure accelerating in tandem.
Industry Flash
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IMF First Chapter on Tokenization: Public Market ~$65B — Excluding repo and stablecoins, credit totals $30.4B, money funds $17.5B and equities $2.3B; the report warns tokenization could become a new channel for leverage and liquidity mismatches.
Ondo Tokenized Treasuries Top $3B as USDY Overtakes BUIDL — USDY’s ~$2.33B edges past BlackRock’s $2.20B BUIDL, marking the first time a crypto-native issuer outranks the world’s largest asset manager in a flagship product.
CFTC Reg CTX/CAM Hits Federal Register, Comments Due Dec 14 — Leveraged retail crypto trades would be “deemed” futures on DCMs; the proposal also offers a voluntary compliance path for exchanges accepting a single federal regulator.
Bitget Opens rToken Broker Transfers: 3,000+ US Stocks & ETFs — A two-step flow via FOP free-of-payment transfer plus the ITN tokenization network, free of charge with a ~10 business-day cycle, alongside a $1M rSPCX airdrop incentive.
Securitize Goes Live with Onchain Tokenized Stock Trading — Eligible US and EU investors can trade 12 US stocks such as AAPL and TSLA onchain as of Oct 8, 1:1 backed by the underlying shares, with platform AUM at $5 billion.
Nasdaq CEO: Tokenization Frees Billions in Collateral — Friedman told TOKEN2049 that onchain Treasuries, stocks and money funds make collateral “very fluid”; Equity Tokens with Kraken’s parent are slated for 2027 Q2.
HKEX Studies a Multi-Asset Tokenization Platform — CEO Bonnie Chan eyes commodities and carbon credits as pilots, testing e-HKD for after-hours margin with the HKMA while pushing toward T+1 settlement.
OKX Brings in Four Investors at a $25B Valuation — Circle, Ripple, QRT and Standard Chartered’s SC Ventures join; SC already provides OKX clients with BUIDL tokenized Treasury collateral services.
Bitfinex Securities Hosts a First Tokenized Fund-of-Funds — Raises open for CMCC Global’s Crest and LBAF hedge funds (due Oct 29), minted via Tether Hadron and a first under El Salvador’s framework.
Spiko Closes a $90M Series B for Tokenized Cash Funds — Capital keeps flowing into RWA infrastructure as FDUSD issuer First Digital and stablecoin payments firm OpenPayd advance their Nasdaq listing plans.
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