According to CoinMeta, the International Monetary Fund (IMF) has analyzed that while the tokenized financial market is expanding rapidly, legal uncertainties and a lack of interoperability pose major obstacles. As of July, the outstanding value of tokenized securities amounted to approximately $65 billion, which is far less than the daily trading volume of $300 to $350 billion in related repurchase agreements in the global $30 trillion capital market, and is merely a fraction of the traditional repurchase market in the United States. The liquidity of tokenized equity is relatively poor, with a volatility about 1.5 times that of traditional assets. As connectivity increases, the risks of potential sell-offs, liquidity crises, and contagion will be amplified, and the IMF calls for the improvement of legal and regulatory frameworks.