TechFlow news, July 3, according to an official blog post from the International Monetary Fund (IMF), Tobias Adrian, Director of the IMF's Monetary and Capital Markets Department, pointed out in an article that asset tokenization is not only an upgrade at the technical level but will fundamentally change the structure of the global financial system. When financial assets are transferred to shared digital ledgers, the three major stages of execution, clearing, and settlement can be completed simultaneously, and risks will shift centrally from the balance sheets of institutions such as banks to platforms and smart contracts.
The article also warns that while tokenization eliminates friction, it also eliminates buffer mechanisms. Liquidity demands become real-time, and the speed of risk transmission accelerates. For emerging market countries, the risks of rapid cross-border capital flows and erosion of monetary sovereignty are particularly prominent. The IMF emphasizes that current policy choices will determine whether tokenized finance strengthens or fragments the global financial system. Countries need to quickly establish coordination mechanisms on core issues such as the roles of public and private money, interoperability, legal frameworks, and liquidity support.
