The International Monetary Fund warns that tokenization could shift risk from banks into smart contract code beyond the direct control of regulators. According to BeInCrypto, the IMF says instant settlement on shared ledgers eliminates traditional "safety brakes," potentially making disruptions or fund withdrawals spread faster than authorities can respond, and argues that oversight should extend "to the code itself."

The IMF also mentioned that some smart contracts could become "too important to fail," while courts have yet to determine ownership of tokenized assets. BlackRock's tokenized fund BUIDL is worth about $2.4 billion, and Ondo manages over $1.4 billion; stablecoins exceed $300 billion, led by USDT approaching $186 billion and USDC around $73 billion.
$ONDO ‌$USDC ‌