International Monetary Fund: Tokenization Enhances Financial Efficiency but Introduces New Risks, May Weaken Emerging Market Currency Sovereignty

Odaily News: The IMF released a 23-page report on Thursday, stating that tokenization has the potential to eliminate financial friction and enhance transparency, but its net effect on financial stability remains uncertain. The report noted that atomic settlement and increased transparency reduce some traditional risks, but speed and automation introduce new risks. Stress events in tokenized markets may unfold faster than in traditional systems, leaving less time for human intervention.

The IMF also stated that tokenization provides emerging markets with opportunities to accelerate cross-border payments and promote financial inclusion, but it also brings risks such as increased volatility in capital flows, rapid currency substitution, and weakened monetary sovereignty. Furthermore, the report pointed out that without legal clarity on ownership records and settlement finality, tokenized markets may face fragmentation and marginalization.

Currently, the total value of real-world assets (excluding stablecoins) tokenized on-chain exceeds $27.6 billion. Boston Consulting Group estimated in 2022 that the tokenization market could reach $16 trillion by 2030, while McKinsey provided a more conservative forecast of $2 trillion in 2024.