Рисковая природа токенизированных фондов: BIS предупреждает о возможном кризисе в финансовой системе Translation: Risky Nature of Tokenized Funds: BIS Warns of Potential Crisis in Financial System

Tokenized money market funds and their integration with DeFi pose significant risks to the entire financial system, according to a report by the Bank for International Settlements (BIS).

Despite being in a digital format, these instruments retain vulnerabilities similar to their traditional counterparts, as experts suggest. They fundamentally resemble traditional funds, allowing investors to earn returns from financial instruments directly on the blockchain.

“Tokenized money market funds introduce risks that not only reflect but could also exacerbate issues typical of both conventional money market funds and stablecoins,” the document states.

A major concern is the liquidity gap: the ability to instantly redeem tokenized shares contradicts the traditional settlement cycles of underlying assets (such as T+1/T+2).

This structural vulnerability becomes particularly pronounced during times of financial stress, when there is a surge in demand for liquidity. At such moments, the digital fund market finds itself exposed, lacking access to traditional emergency support mechanisms like central bank lending.

The transparency of blockchain heightens this threat, acting as a catalyst for coordinated actions among investors. Redemption transactions are visible to all market participants in real-time, which could trigger a domino effect of mass withdrawals and exacerbate a crisis.

Interaction with decentralized finance can worsen market strain through leverage and the interdependence of protocols. Given the integration with “stablecoins,” shocks may propagate more rapidly and cause greater damage compared to traditional markets.

“Operational and technological risks are also inherent in tokenized funds. Dependence on public blockchain infrastructure makes them susceptible to cyberattacks, smart contract vulnerabilities, and service outages, any of which could disrupt the functioning of the instrument or limit investors’ access to their shares,” analysts added.

This warning comes amid a rapid expansion of the sector, which has seen its market capitalization grow by 265% over the past year to reach $9 billion. Key players include BlackRock, Circle, Franklin Templeton, and Ondo Finance.

The BIS has acknowledged the potential for further increases in the market value of this segment, indicating that these crypto products could become the “backbone of the global financial system.” However, experts have highlighted the need for proactive measures to contain risks before they escalate into systemic threats.

The total capitalization of RWA has nearly reached $36 billion. According to estimates from analysts at Standard Chartered, this figure is projected to rise to $2 trillion by 2028.

Tokenized private loans account for the majority of this market value, totaling $18.7 billion.

It is worth noting that in November, banks DBS and JPMorgan’s Kinexys announced their development of a platform for interbank RWA transfers, which will support multiple blockchains.