TOKENIZATION OF ASSETS AND FINANCIAL STABILITY: NEW SYSTEMIC RISKS OF THE GLOBAL FINANCIAL MARKET

Abstract

The article defines the current trends in the development of the market of tokenized assets, reveals the features of their integration into the global financial market, and systematizes the key systemic risks associated with the development of tokenization. The relevance of the research is substantiated in view of the rapid spread of tokenized financial and real assets, the development of distributed ledger technology (DLT), the integration of digital financial instruments into the traditional financial system, and the growing role of digital infrastructure in the international movement of capital.The main risks include cyber risks, technological and operational risks, smart contract risks, concentration of digital infrastructure, regulatory fragmentation, legal uncertainty and risks of the spread of crisis phenomena between traditional and digital segments of the financial system. The need for the formation of agreed international approaches to the regulation of tokenized assets, the development of digital financial infrastructure standards, and the strengthening of mechanisms for ensuring financial stability is substantiated. Despite the active development of scientific research in the field of digital finance, most of them are focused mainly on the technological advantages of tokenization or certain aspects of the functioning of digital assets. Instead, the issue of assessing systemic risks arising from the large-scale introduction of tokenization, their impact on financial stability and the formation of effective mechanisms of international regulation remain insufficiently researched. The need for a comprehensive analysis of the relationship between the development of the tokenized asset market and the stability of the global financial system in the conditions of digitalization, geoeconomic instability, and increased interdependence of international financial markets is gaining particular relevance.