The size of the cryptoasset market had grown exponentially in the last year, from just under $800 billion to $2.3 trillion, and up from just $16 billion 5 years ago. The  vast majority (95%) of the market comprises unregulated unbacked tokens, which regulators are concerned about from a financial stability standpoint. Although $2.3 trillion needs to be seen in the context of  the $250 trillion global financial system, in 2008 the sub-prime market was valued at around $1.2 trillion, and its collapse had catastrophic consequences.