IMF’s First Chapter Puts Tokenized Markets at $65B as Ondo Tops Treasuries
Public tokenized RWA market
$65B
IMF first dedicated assessment · ex-repo, ex-stablecoins
Tokenized Treasuries market
$14.91B
Ondo tops at $3B · USDY passes BUIDL
Tokenized repo daily volume
$303B
30-day average · IMF data
Global RWA market cap
$39.2B
Up from $25.5B · +50% in 10 months
IMF’s First Dedicated Chapter Assesses Tokenized Markets at ~$65B, Warns of Leverage and Liquidity Risks
The International Monetary Fund (IMF) has dedicated a full chapter to tokenized markets for the first time in its October 2026 Global Financial Stability Report. As of end-July, excluding repos and stablecoins, the public tokenized RWA market stood at roughly $65 billion — about $30.4 billion in credit, $17.5 billion in money market funds and $2.3 billion in equities. Tokenized repo averaged $303 billion in daily transaction volume over 30 days. The IMF cautioned that while small, tokenized assets could become a new channel for leverage build-up and liquidity and maturity mismatches.
- Tokenized equity issuance is highly concentrated: Ondo Finance and Backed Finance (xStocks) together account for over 70% of the market, underscoring fragmentation
- More than 50% of tokenized equity trading occurs outside regular US market hours, and about 80% of trades are smaller than a single share, with volatility roughly 1.5x traditional markets
- The report identifies four constraints: legal certainty, regulatory clarity, platform interoperability, and the availability of safe settlement money
- The IMF names Ondo alongside Securitize, Circle, Tether and Bridgetower among the world’s major tokenized-asset issuance platforms
Macro signal
A systemically important institution has established official statistical baselines for tokenization, with $65B as the reference point
Risk call
Without interoperable central bank money, stablecoins and tokenized deposits could become the primary settlement tools, creating issuer credit and concentration risks
Structural read
Fractional trading and off-hours price discovery are now empirically confirmed, with efficiency gains and fragility accumulating in tandem
Source: Yahoo Finance · Foresight News · October 13, 2026
Ondo Tokenized Treasuries Pass $3B as USDY Overtakes BlackRock’s BUIDL
Ondo Finance’s tokenized US Treasury products have surpassed $3 billion in total value, claiming the top spot on RWA.xyz’s tokenized-Treasuries leaderboard. USDY reached approximately $2.328 billion, ahead of BlackRock’s BUIDL at $2.204 billion, making it the largest single crypto-native Treasury token; OUSG contributed about $319 million. The broader tokenized Treasury market stood at roughly $14.91 billion, with Circle’s USYC still the largest individual product at about $2.384 billion.
- Ondo’s combined line-up (USDY + OUSG + tokenized Treasury ETFs) took the RWA.xyz top spot, with the top three issuers holding roughly 46% of the market
- A crypto-native issuer has overtaken the world’s largest asset manager in a flagship RWA product, signaling a shift in category leadership
- USYC remains the largest single product, with the top three (USYC / USDY / BUIDL) now within $130 million of each other
Competitive shift
Treasury tokenization is moving from a BlackRock-centric market to a three-way race, intensifying pricing and liquidity competition
Product validation
USDY’s growth proves real institutional demand for 24/7 subscriptions, redemptions and yield-bearing digital dollars
Market headroom
$14.91B versus a multi-trillion-dollar traditional Treasury market implies penetration below 0.1%
CFTC Crypto Market Rules Land in the Federal Register: Reg CTX/CAM Open for Comment Until December 14
The Commodity Futures Trading Commission (CFTC) published its advanced notice of proposed rulemaking for “Regulation Crypto Asset Transactions” (Reg CTX) and “Regulation Crypto Asset Markets” (Reg CAM) in the Federal Register on October 13, opening a public comment period through December 14. The proposal centers on Section 2(c)(2)(D) of the Commodity Exchange Act: retail crypto transactions conducted on a margined, leveraged or financed basis would be treated “as if” they were futures and must trade on a designated contract market (DCM), while crypto exchanges willing to operate under a single federal regime gain a voluntary compliance path.
- Except for “payment stablecoins” as defined under the GENIUS Act, crypto assets could generally qualify as commodities under CFTC jurisdiction
- The notice acknowledges that US retail participants currently rely on a patchwork of state money-transmission licenses, and a federal framework would provide more consistent protections
- It is the latest piece of the CFTC-SEC dual-track response after the CLARITY Act stalled in the Senate (the SEC’s Reg Crypto Assets comment period closes October 20)
- Chairman Selig stressed the rules would not force crypto assets onto DCMs, but would create a federal option for exchanges seeking to offer leveraged retail trading
Regulatory path
With CLARITY stalled, the CFTC/SEC dual track is taking shape and a federal crypto market framework is coming into view
Market impact
A voluntary DCM channel could draw leading exchanges away from state-level patchwork rules and reshape competition
Timeline
Comments are due December 14, with the SEC side closing October 20; rule direction should be clearer by year-end
Source: Federal Register · Sidley Austin · October 13, 2026
Bitget Launches rToken Transfer: 3,000+ US Stocks and ETFs Can Move Straight From Brokerage Accounts
Bitget launched rToken Stock Transfer on October 13, allowing users to move eligible US-listed stocks and ETFs from traditional brokerage accounts directly into the platform as tokenized stocks (rTokens), covering more than 3,000 assets. The two-step process starts with a Free of Payment (FOP) transfer from the external broker to Bitget’s designated account, after which the In-Kind Tokenization Network (ITN) automatically converts the shares into rTokens credited to the user’s spot account. Transfers in are free, with an estimated processing time of about 10 business days.
- As of July 6, Bitget’s rToken assets under management reached about $114 million, with cumulative transactions surpassing two million
- Transferred rTokens can be used for spot trading, margin, borrowing and lending, and yield products, sharply expanding asset utility
- To mark the launch, Bitget is offering $1 million in SpaceX stock tokens (rSPCX) airdrop rewards, with the top single reward at $2,000
- CEO Gracy Chen: tokenization is only step one; making capital more mobile and efficient is the real next step
Bridge building
A two-way channel from brokerage holdings to exchange tokenization is forming, widening the on-ramp for TradFi assets
Competitive signal
Leading exchanges are racing to lower the barrier to tokenized equities and compete for existing securities holdings
Industry read
Consistent with the IMF’s findings: fractional trading and cross-market migration are becoming the core tokenized-equity narrative
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