CoinMeta data: The International Monetary Fund ( IMF ) pointed out in its latest Global Financial Stability Report that although the tokenization of real-world assets ( RWA ) offers advantages such as 24/7 trading and fractional ownership, the overall volume is still small and highly fragmented. Data shows that the average daily trading volume of tokenized repurchases ( repo ) has reached $300 billion to $350 billion, while the daily trading volume of tokenized credit, money market funds, and stocks is about $65 billion, which is a very low proportion compared to traditional markets. IMF emphasizes that the four core obstacles hindering the large-scale adoption of tokenization are legal certainty, regulatory clarity, cross-chain interoperability, and a lack of secure settlement assets. As the market scale expands, the information lag and delivery buffers of traditional finance will be compressed, which may amplify systemic risks during liquidity runs and cross-market contagion. It calls on regulatory authorities to adopt a technology-neutral approach and improve preventive mechanisms.