Systemic Contagion in RWA-Tokenized Ecosystems: DeFi–Traditional Banking Regulatory Friction and Prudential Supervision Framework Proposal for Peru

Abstract

Abstract The growth of Decentralized Finance (DeFi) and Real-World Asset (RWA)-backed stablecoins in emerging economies has raised growing concern regarding their potential impact on the systemic stability of the traditional financial system. RWA tokenization reached USD 36 billion in 2026, and its concentration in private credit and U.S. Treasury bonds configures a bidirectional risk transmission channel between the crypto ecosystem and the regulated banking system. This study aims to quantitatively analyze the systemic contagion risk between DeFi and traditional banking in the Peruvian context, and to propose a tiered regulatory framework adapted to the country's institutional particularities, integrating the supervisory role of SUNAT, the consumer protection role of INDECOPI, and the prudential supervision of the SBS. A sequential-explanatory mixed-methods design (QUAN→qual) was employed based on: systematic review of 47 studies with verified DOI (2020–2026); financial contagion network analysis through betweenness centrality metrics; a comparative risk matrix with 12 quantified dimensions; and documentary study of the current Peruvian regulatory framework. Results reveal that the DeFi + RWA ecosystem concentrates 68% of its assets in illiquid instruments, presents tail correlations of 0.73 with traditional markets during stress episodes (TerraUSD 2022, First Brands 2025), and that the DeFi + RWA contagion risk profile reaches 4.8 out of 5. In the Peruvian context, SUNAT's 30% tax rate on crypto assets generates disincentives to formalization, driving an informal market estimated at USD 450 million annually. A three-level regulatory framework is proposed: (1) 100% reserve requirement in liquid assets supervised by SBS; (2) differentiated 15% taxation for SUNAT-regulated stablecoins; and (3) INDECOPI consumer protection mechanisms within a maximum of 30 days. Gradual implementation of this architecture would reduce systemic contagion risk by 38% and increase crypto asset tax collection by 42% annually.