The International Monetary Fund warns that tokenization could shift risk from banks into smart contract code outside the direct control of regulators. According to BeInCrypto, the IMF said instant settlement on shared ledgers removes traditional "safety brakes," potentially causing 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 tokenized fund BUIDL is worth about $2.4 billion, and Ondo manages over $1.4 billion; stablecoins exceed $300 billion, led by USDT at nearly $186 billion and USDC at around $73 billion.
$ONDO ‌$USDC ‌