[IMF: Four Major Constraints Facing the Development of the Tokenized Market] Deep Tide TechFlow News, October 8 — According to the latest analysis chapter of the *Global Financial Stability Report* released by the International Monetary Fund (IMF), despite the rapid growth of the tokenized asset market, its current scale remains relatively small and highly fragmented. The full realization of its potential is primarily constrained by four factors: legal certainty, regulatory clarity, cross-platform interoperability, and the availability of secure settlement assets. Data shows that tokenization activities are currently concentrated in the repo market, with an average daily trading volume of approximately $300 billion to $350 billion, which is still in its early stages compared to traditional finance. The report analyzes that while investors have shown strong demand for features such as 24/7 trading and fractional ownership, fragmented liquidity and platform silos limit network effects and efficient price discovery. Furthermore, while tokenization compresses clearing processes, it may also amplify traditional financial risks such as asset sell-offs, liquidity squeezes, and contagion during its nascent stage. Therefore, policymakers in various countries need to adopt a technology-neutral regulatory approach, clarify asset rights, and establish robust financial stability safeguards.