The International Monetary Fund warns that tokenization could shift risk from banks into smart contract code beyond direct regulatory control. According to BeInCrypto, the IMF said that instant settlement on a shared ledger removes traditional "safety brakes," potentially allowing disruptions or fund withdrawals to spread faster than authorities can respond, and argued that oversight must extend "to the code itself."

The IMF also noted that some smart contracts could become "too important to fail," while courts have not yet determined ownership of tokenized assets. BlackRock's BUIDL tokenization fund is worth around $ONDO billion, and Ondo manages over $USDC billion; stablecoins exceed $300 billion, led by USDT approaching $186miliar and USDC at around $73 billion.$ONDO